AIG sells Alico insurance unit to MetLife for $15.5 billion

March 09, 2010

CHARLOTTE, N.C. - American International Group Inc. said Monday that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal will give the insurer more cash to repay the billions of bailout dollars it still owes the government. The purchase expands MetLife's presence in Japan and high-growth markets in Europe, the Middle East and Latin America. American Life Insurance, known as Alico, operates in more than 50 countries. MetLife offers services in 17 countries. As of Dec. 31, AIG owed the Treasury and the Federal Reserve Bank of New York nearly $130 billion.

- Associated Press

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