AIG Taiwan Insurance, part of American International Group, has agreed to sell its Taiwan’s consumer and small to mid-size enterprise (SME) businesses for Nan Shan Life Insurance, for around $158m.
AIG is divesting the portion of its business in Taiwan to expand the commercial insurance operations in the country, and will continue its business partnership with Nan Shan in the future.
AIG Taiwan country manager Kian Tiong Lim said: "After careful review, AIG has decided to concentrate on its commercial business here in Taiwan.
"This sale ensures our existing consumer and SME customers will continue to be supported by a leading insurer in Nan Shan.
"AIG will continue to leverage its underwriting expertise and multinational network to service its commercial operations with innovative products and customer-focused service in Taiwan."
Subject to necessary regulatory approvals, the deal is expected to be completed in the second half of 2016.
AIG, through its AIG Asia Pacific Insurance, will open a branch office in Taipei to expand its commercial operations in the country, including property, casualty, financial lines, marine, and trade credit.
AIG provides insurance services to commercial, institutional and individual customers in around 100 countries and jurisdictions.
Image: AIG headquarters on 175 Water Street New York City. Photo: courtesy of AIG.