Nov. 11 (Bloomberg) -- American International Group's planned sale of three Japanese life insurance subsidiaries hasn't attracted the interest of would-be buyers in Japan, Nikkei English News reported, citing no one.

Japan-based life insurers, such as Nippon Life Insurance Co., have been cautious about acquiring AIG's three domestic units after a decline in their own shares whittled ``paper'' profits by more than half in the last month, the news service reported.

AIG announced plans on Oct. 3 to sell three of its subsidiaries in Japan: Edison Life Insurance Co., AIG Star Life Insurance Co. and Alico Japan, Nikkei said.

The company, which seeks a buyer by year-end, hasn't begun bidding procedures, the news service reported.

To contact the reporter on this story: Oshrat Carmiel in New York ocarmiel1@bloomberg.net.

Last Updated: November 10, 2008 13:12 EST