The Prudential business has a value of 35.5 billion dollars.
By the financial crisis seriously damaged the U.S. insurer AIG
dissolves to some extent from state custody.
Through the $ 35.5 billion ($ 26.2 billion) sale of its heavy Asian
business to British competitors Prudential he may pay a portion of its
debt to the taxpayer. This is the single most important step on the
way back to independence, said AIG CEO Robert "Bob" Benmosche on
Monday in New York.
From the purchase price in cash flow $ 25 billion. This money goes
entirely to the American government. The rest are shares and other
securities from the Prudential. AIG also wants to make this liquid
over the short or long. The U.S. government had to pump more than 182
billion dollars over the once world's largest insurance company in
order to keep him in the financial crisis to collapse. Thus the state
is now about 80 percent of the largest shareholders.
The brokers cheered the prospect of again independent AIG: The
premarket price jumped up by about 14 percent. The buyer it Prudential
went down to the same extent. Because for the purchase of the British
for their part, fall in costs: On the issue of new shares are to come
in $ 20 billion in debt for another 5 billion dollars of the company.
The AIG subsidiary American International Assurance Company (AIA)
sells mainly life insurance. She has more than 23 million customers in
Asia. 23 500 people work for the company.
With the acquisition of Prudential will become the market leader in
Southeast Asia. "This transaction is very exciting and unique
opportunity to change the Group," said CEO Tidjane Thiam. He has been
building for years from the Asian business: 44 percent of the profits
from new business comes from the region. Now it should be 60 percent.
Of profits, the parent company AIG currently only dream of. Last year,
the insurer lost $ 10.9 billion. 2008, the insurer had run in with the
highest loss of $ 99.3 billion in U.S. economic history. Since
mid-2009 to the Acting CEO Benmosche bring AIG back on its feet. For
this, he retreated from risky transactions. To pay the debt to the
State, he sold the family silver.
In addition to the Asia division Benmosche has its U.S. life insurance
business American Life Insurance Co. (Alico) put up for sale. The
frontrunner is the domestic competitors Metlife. Negotiations are
currently hanging but because tax law questions. Alico, experts expect
an income for 14 to 15 billion dollars. An amount of a similar size,
they had predicted for AIA - but in the end it was more than double.
The sale reduces the likelihood that the state must step in AIG again.
The group had raised these concerns with the submission of its weak
annual figures. AIG is not only one of the largest life insurer in the
world, but also the largest financier of aircraft.
