American International Group (AIG) has completed the sale of its Japan-based life insurance subsidiaries, AIG Star Life Insurance and AIG Edison Life Insurance to Prudential Financial for $4.8bn, comprising $4.2bn in cash and $0.6bn in the assumption of third-party debt.
However, AIG will retain and continue to grow its remaining insurance businesses in Japan.
AIG Star Life Insurance is a provider of life insurance coverage and retirement pension plans to the individual and group policyholders.
AIG Edison Life Insurance provides life insurance services in Japan as well as provides distribution channels for AIG which includes government agencies, large corporations and unions.
It has 8,000 sales agents and 17 bancassurance partners in Japan. The company was formerly known as GE Edison Life Insurance and changed its name to AIG Edison Life Insurance.