American International Group, Inc. (AIG) reported it has closed the sale of its Japan-based life insurance subsidiaries, AIG Star Life Insurance Co. Ltd. and AIG Edison Life Insurance Co., to Prudential Financial Inc. for a total purchase price of $4.8 billion, comprising $4.2 billion in cash and $0.6 billion in the assumption of third-party debt.
The deal was announced in September as part of AIG’s restructuring and selling off of assets to repay the federal government for its bailout and get out from under U.S. Treasury ownership.
The Treasury has said that it expects the government to earn an overall profit on bailout investments in the insurance giant — once as high as $180 billion.
AIG said it will retain and continue to grow its remaining insurance businesses in Japan.
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