American International Group is on the verge of selling its Taiwanese life assurance unit with an announcement possible this week, according to people familiar with the matter.
The sale of Nan Shan, the country's third-largest insurer, is expected to bring in more than $2bn, representing the largest divestment made by the stricken US insurer since it began shedding assets last year.
AIG is selling assets to repay about $100bn in debt and equity to the US government, which rescued it last year. In July, it sold its automobiles subsidiary to Zurich Financial Services for $2bn. According to people familiar with the situation, the remaining potential buyers are Chinatrust, a local financial conglomerate, and Primus Financial, a Hong Kong investment fund that specialises in banking and insurance.