Tuesday, November 25, 2008

China Life seen eyeing AIG Asia assets

China Life Insurance, the world's largest life insurer, is interested in acquiring Asian assets of distressed US insurer AIG, Reuters reported, citing an executive at China Life. The source reportedly said China Life was particularly interested in buying parts of AIG's businesses in Hong Kong, Singapore and South Korea, though official spokesmen of both companies declined to comment on the situation. AIG, once the world's largest insurer, is looking to sell most of its business except for its worldwide property-casualty operations, a private client group and a stake in American International Assurance (AIA), its Asian life insurance operation. AIA's China vice president told a Chinese financial newspaper that about 30 companies, including Chinese firms, were interested in buying AIA's Asian assets.

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