In its second major deal in a week, AIG will sell its foreign life insurance unit, American Life Insurance Company, to MetLife for $15.5 billion. The transaction is part of an asset sell-off by AIG to raise funds to repay about $180 billion in government loans.
AIG said that it will raise approximately $51 billion from the week’s deals combined, which will be used to repay the Federal Reserve Bank of New York and to pay down its federal credit line. The company sold its Asian insurance unit to Prudential PLC for $35.5 billion last week.
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