American International Group announced it has successfully completed the sale of AIG Fuji Life Insurance Co. Ltd. (AFLI) to FWD Group, the insurance arm of Pacific Century Group.
The terms of the deal, which was originally announced in November 2016, were not disclosed. The deal was completed on April 30.
AFLI will be a wholly owned subsidiary of FWD Group following the close, AIG said, noting that AFLI will continue under its current corporate name pending regulatory approval of a new name.
In-force policies will not be affected by the transfer of ownership. Under the terms of the agreement, FWD Group will maintain AFLI’s existing life insurance distribution agreements with AIG companies in Japan, and AIG will collaborate with FWD to support the growth of the life insurance business in Japan.
The close of this transaction does not affect AIG’s extensive property and casualty business in Japan, the largest of any foreign-based insurer in the country. Japan, where AIG has operated since 1946, represents the company’s largest personal insurance market and third largest commercial insurance market globally, based on net premiums written by country.
AIG said it will continue to focus on Japan’s P/C market through its local subsidiaries: Fuji Fire & Marine Ltd., AIU Insurance Company Ltd., and American Home Assurance Company Ltd.
Source: American International Group (AIG)
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