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AIG Says Won't Sell Two Japan Units Edison and Star
By: Reuters
American International Group said on Friday it would not sell its two Japanese insurers AIG Edison Life Insurance and AIG Star Life Insurance.
Under the new chief executive Robert Benmosche, AIG has been reviewing the insurer's restructuring plan, which was drawn up to repay federal debt.
A year ago, AIG [AIG
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] said it planned to sell its Japanese insurance businesses.
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The company said in a statement it has come to believe that it would improve its corporate value to keep the two Japanese units, which have a very firm financial base and strong sales network.
Earlier this month, AIG agreed to sell its Taiwan unit Nan Shan Life Insurance to two little-known buyers for $2.15 billion.
Copyright 2009 Reuters. Click for restrictions.
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