American International Group AIG yesterday announced that it has agreed to sell its 97.57% stake in Taiwan's Nan Shan Life Insurance to a consortium made up of Primus Financial Holdings and China Strategic Holdings for $2.15 billion. The sale is the largest so far in Asia by the debt-ridden US insurance group, which is still saddled with $86.3 billion of government bailout money.
With total assets of more than $46 billion, Nan Shan is Taiwan's largest life insurance company by book value. It was established in 1963 and currently has 7.9 million policies held by 4 million people. In 2008 it had an 11.4% share of Taiwan's life insurance market, according to consultancy group Celent....
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