The American International Group, which is reportedly negotiating for tens of billions of dollars in additional assistance amid mounting losses, has received offers from MetLife and Axa for its American Life Insurance unit, Bloomberg News reported, citing three people familiar with the situation.
A sale of a life-insurance unit, which is present in more than 50 countries, would be the biggest step yet in the company’s dismantling, the news service said.
According to Bloomberg News, MetLife made a preliminary bid of $11.2 billion for the unit, but the price could come down to about $8 billion because of the unit’s financial condition. Axa has tabled a rival offer, which excludes the unit’s lucrative Japanese operations.
If A.I.G doesn’t get the right price, it may shelves the sale or issue shares, Bloomberg News said.
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