AIG Says It's Committed to Selling Taiwan Unit to Primus, Not Chinatrust

American International Group Inc. has no intention to sell its Taiwan-based life insurance unit to another party, and won’t entertain an offer from Chinatrust Financial Holding Co., AIG said in an emailed statement.

AIG is “firmly committed” to closing its signed agreement with the Primus-China Strategic consortium and remains confident the Taiwan regulators will approve the transaction, the statement said. The buyers, who set up Primus-Nan Shan Holding Co. for the transaction, agreed in October to buy Nan Shan Life Insurance Co. from AIG for $2.15 billion.

If the deal isn’t approved, AIG would “evaluate its options to limit any long-term commitments from its continued ownership in Nan Shan”, the insurer said.

To contact the reporter on this story: Adela Lin in Taipei at alin95@bloomberg.net

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