Richard Li to get AIG’s Last Asian Life-Insurance Business

Hong Kong entrepreneur Richard Li’s investment firm agreed to obtain American Global Group’s final remaining life-insurance organization in Asia because the New york conglomerate continues to narrow its focus.

Mr. Li would be the son of Li Ka-shing, certainly one of Asia’s richest males. The younger man’s Pacific Century Group has financial solutions, technological innovation, media, telecommunications and home holdings, and since 2013, its life-insurance arm FWD Group continues to be expanding across Asia.

In the deal, Pacific Century is acquiring AIG Fuji Lifestyle Insurance Co. Ltd., in Japan, the providers mentioned Monday. Financial terms weren’t disclosed.
AIG, which has operated in Japan considering that 1946, will carry on to give attention to that country’s property-and-casualty insurance coverage market place, underwriting policies for the two organizations and individuals.

In advance of the 2008 worldwide financial crisis, AIG was a sprawling financial-services behemoth with corporations such as aircraft leasing and consumer lending. But it offered tens of billions of bucks of assets to totally repay its virtually $185 billion government bailout. Among divestitures: an international life-insurance unit sold to MetLife Inc., two Japanese life-insurance units offered to Prudential Economic Inc., along with a pan-Asian life-insurance business, AIA Group Ltd., that was publicly listed.

Over the past year, AIG has ramped up streamlining, as billionaire traders Carl Icahn and John Paulson have pushed it to additional speedily enhance fiscal effects.

Final month, for instance, AIG agreed to promote some Latin American and European property-and-casualty insurance operations to Fairfax Monetary Holdings Ltd. Complete funds consideration in that transaction is about $240 million.

FWD has operations in Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore and Vietnam, providing lifestyle, healthcare together with other insurance coverage policies likewise as employee gains.

“AIG Fuji Existence can be a solid foundation for FWD’s entry to Japan,” stated Huynh Thanh Phong, FWD Group Chief Executive Officer in the news release.

This is not Pacific Century’s first dealings with AIG. In 2009, the company struck a deal to get investment advisory and asset-management organizations from AIG for roughly $500 million, once the insurer was even now under government management.

In a memo to staff, AIG Chief Executive Peter Hancock said that the sale of AIG Fuji Daily life “is constant with the way we're reshaping the AIG from the potential by focusing our resources on markets, items and shoppers the place we've important mass and expertise.”

The transaction is scheduled to near inside the initially half of 2017, subject to regulatory approvals.
rakuten sunkeinfo --
Ivacy VPN Best 

VPN Service (English Banners) nordvpn