American International Group AIG has made a second attempt to sell its Taiwan business, Nan Shan Life Insurance, signing a deal for $2.16 billion with local investment company Ruen Chen.
Nan Shan is the largest life insurer in Taiwan by book value and the third largest by total premiums. It was set up in 1963 and currently serves 4 million policyholders via a network of 24 branches, 500 agency offices, approximately 4,100 employees, and more than 33,000 agents.
Ruen Chen is an investment holding company owned by Taiwan-based conglomerate Ruentex Group and 20% by Pou Chen. It will acquire AIG's entire 97.57% interest in Nan Shan.
The Ruentex Group was established...
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