AIG to sell stake in Taiwan's Nan Shan Life Insurance

Nov. 7, 2008 (China Knowledge) - American International Group (AIG), the world's magnate in insurance and finance industry, announced that it is planning to sell part of its holding in Taiwan's Nan Shan Life Insurance Co, according to the Economic Daily News.

Currently, AIG holds 95% stake in Nan Shan Life Insurance, which is the second largest life insurer by premium income in Taiwan following Cathay Life Insurance.

After being bailed out by the U.S. government, AIG has been restructuring its overseas operations in a bid to generate cash.

It was reported that AIG's financial advisors have approached some potential local vendees, including Cathay Financial Holdings, Shin Kong Financial Holding Co, Fubon Financial Holding Co and Mega Financial Holding Co.