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Article: Report: AIG scraps plans to sell Japanese units
- Article from:
- AP Worldstream
- Article date:
- October 31, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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American International Group Inc. has dropped plans to sell two Japanese subsidiaries, according to a published report, deciding the company will derive more value from holding on to them.
The struggling insurer announced a year ago it would sell three of its Japanese life insurance businesses to help pay off an $85 billion government loan that helped keep it from collapsing as the credit crisis deepened.
But with the company's financial picture improving and few viable buyers coming forward, AIG says it will hold on to AIG Star Life Insurance Co. and AIG Edison Life Insurance Co., according to a report posted on The Wall Street Journal's Web site Saturday.
AIG is ...