Thursday, September 18, 2008
AIA to Be Sold?
AIA's US parent AIG Inc was extended a lifeline by the Federal Reserve, a loan of US$85 billion for a 24-month term. In return, the Fed will own 79.9 per cent of the ailing insurance giant. But it is clear that AIG must sell assets to repay the very high interest loan. AIG has the best Asian insurance franchise in life and general insurance of any Western company. Companies named as possible buyers of AIG assets include Prudential, Munich Re and Allianz SE. So, are we really seeing the fall of AIA?
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