ALICO AIG to sell its subsidiary Metlife by 15,500 million dollars

U.S. insurer AIG, rescued by the U.S. government sold its international subsidiary, Alico by 15,500 million dollars (11,350 million euros) to its domestic competitor Metlife, as reported by the company.

"The sale is an important step to settle the debt with the government," said AIG's chief executive, Harvey Golub, New York.

Metlife paid in cash and $ 6800 million will pay the rest in shares and other securities. By selling its subsidiary, AIG further reduced in size. Recently the group sold off its Asian subsidiary AIA, which sold for an amount of 35,500 million dollars to the British insurer Prudential.

The American taxpayer had to stump up more than 182,000 million in AIG to avoid collapse during the height of the financial crisis was the world's largest insurer.

Almost 80% of the company is in state hands. With the sale of certain of its subsidiaries, the new management team of AIG is to repay its debt and be independent again.

The subsidiary American Life Insurance Co. (ALICO) is one of the largest insurers in the U.S. and has the largest foreign operation. Alico, with its 12,500 employees, has about 20 million customers in 50 countries.

The buyer

With the transaction announced Metlife not only strengthens its position in the domestic market but also becomes one of the largest insurers in Japan, said MetLife chairman Robert Henrikson.

The long process was blocked due to taxes. Now, after reaching an agreement, the transaction is expected to occur later this year. Although they must first give its approval by the supervisory authorities of several countries antitrust because Alico has a presence in Europe, South America, Middle East and Africa, and in the U.S. and Asia.

AIG entered into a speculative spiral with complicated financial products that led her to lose 10,900 million last year. In 2008 came to throw the biggest losses of U.S. financial history, amounting to 99,300 million.