AIG asset sales near $100B with mortgage unit exit

AIG asset sales near $100B with mortgage unit exit | Insurance Business America

AIG asset sales near $100B with mortgage unit exit
by Agnel Philip and Sonali Basak

American International Group Inc. has divested more assets than most companies ever accumulate. AIG, still one of the largest insurers in the world, has sold dozens of units since 2008, first to repay a bailout and then to simplify the company and generate funds for share buybacks.

The buyers range from Aabar Investments PJSC to Zurich Insurance Group AG. And while AIG hasn’t disclosed the price of every transaction, Chief Executive Officer Peter Hancock said in November that the total was more than $90 billion. The figure climbed with subsequent deals, including this week’s agreement to sell a mortgage insurer for $3.4 billion. The table below lists key sales:
Date announced Unit Buyer Price (Millions)
Sept. 2008 London airport stake Credit Suisse n/a
Nov. 2008 Stake in Brazil venture Unibanco $820
Dec. 2008 AIG Private Bank Ltd.  Aabar $308*
Dec. 2008 German insurance unit Augur Capital $26
Dec. 2008 Hartford Steam Munich Re $815*
Jan. 2009 Canadian life unit Bank of Montreal $263
Jan. 2009 Commodity index unity UBS AG $15**
Jan. 2009 Philippines units  East West Banking $49
Feb. 2009 Thai units Bank of Ayudhya $45
March 2009 Taiwan securities unit Bank of E. Asia n/a
April 2009 21st Century Insurance Zurich $2,000*
May 2009 Japan headquarters Nippon Life $1,200
June 2009 Argentine finance units Banco de Galicia $69
June 2009 Transatlantic Holdings Public offering $1,136+~
June 2009 New York headquarters Kumho n/a
June 2009 Mexican finance Afirme, Consorcio n/a
June 2009 Russian bank Banque PSA n/a
June 2009 Taiwan credit-card unit Far Eastern n/a
June 2009 ForEx platform BNP Paribas n/a
July 2009 Life insurance finance Wintrust $680^
July 2009 Polish consumer finance Banco Santander n/a
Aug. 2009 Energy assets Multiple buyers $1,900^^
Aug. 2009 Hong Kong finance China Construct. $70
Aug. 2009 India information tech. Mphasis n/a
Sept. 2009 AIG Investments Pacific Century $500
Dec. 2009 Israeli mortgage insurer Harel Insurance $36
Jan. 2010 Canada mortgage insurer Ontario Teachers n/a
March 2010 Alico MetLife $16,400
March 2010 Transatlantic Holdings Public offering $452~
April 2010 53 ILFC planes Macquarie Group $1,987
Aug. 2010 American General Finance Fortress $125
Sept. 2010 Star, Edison Prudential Fin. $4,800*
Oct. 2010 AIA Group Ltd. Public offering $20,500+~
Jan. 2011 Nan Shan Life Ruen Chen $2,160
April 2011 Railroad leasing Perella Weinberg n/a
July 2011 New Jersey apartments Multiple buyers $242
March 2012 AIA Share sale $6,000~
June 2012 Two runoff units White Mountains $35
Sept. 2012 AIA Share sale $2,000~
Dec. 2012 AIA  Share sale $6,450~
Dec. 2013 Aircraft-leasing unit AerCap $7,600#
March 2015 PICC P&C Public offering $501~
June 2015 Consumer operation Nan Shan $158
September Chartis Azerbaijan Azre Tekrarsigorta n/a
October Central America operation Assa Cia. de Seguros n/a
December PICC P&C Public offering $752~
January AIG Advisor Group Lightyear, PSP n/a
April PICC P&C Public offering $1,250~
August United Guaranty Arch Capital $3,400
Total of disclosed sums:     $84,744

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