American International Group Inc. reported that it has reduced the remaining liquidation preference of preferred interests that the U.S. Department of the Treasury holds in AIA Aurora LLC to approximately $9.3 billion by applying the proceeds of approximately $2 billion from the sale of Nan Shan Life Insurance Co. Ltd.
AIG closed the sale of Nan Shan, its Taiwan-based life insurance company, to Ruen Chen Investment Holding Co. Ltd., a company owned 80 percent by the Ruentex Group and 20 percent by Pou Chen Corp., for $2.16 billion in cash.
“We continue to make progress in helping the Treasury and taxpayers recoup their investment in AIG,” said AIG President and CEO Robert H. Benmosche. “We are pleased to have completed the sale of Nan Shan to Ruen Chen – a great result for American taxpayers, for AIG and for Nan Shan’s policyholders, employees and agents.”
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