American International Group Inc. has disclosed agreements to divest assets for more than $50 billion since the U.S. government rescued the insurer in 2008.
The $20.5 billion public offering of AIA Group Ltd., the largest in Hong Kong’s history, is the biggest of more than 30 sales by New York-based AIG. The firm raised $17.8 billion last week and $2.7 billion today by selling AIA shares and retains a 33 percent stake in the Hong Kong-based insurer.
AIG has used proceeds to pay down debts on a Federal Reserve credit line. The insurer owes the Treasury Department about $49 billion. The following table lists AIG’s divestitures and the dates they were announced.
Date Unit Buyer Price($m) 9/29/08 London Airport stake Credit Suisse n/a 11/26/08 Stake in Brazil venture Unibanco 820 12/1/08 Private Bank Aabar 308* 12/19/08 German insurance unit Augur Capital 26 12/22/08 Hartford Steam Munich Re 818* 1/13/09 Canadian life units Bank of Montreal 263 1/19/09 Commodity index unit UBS AG 15** 1/23/09 Philippines units East-West Banking 49 2/5/09 Thai units Bank of Ayudhya 45 3/26/09 Taiwan securities unit Bank of E. Asia n/a 4/16/09 21st Century Insurance Zurich Financial 2,000* 5/11/09 Japan headquarters Nippon Life 1,200 6/2/09 Argentine finance unit Banco de Galicia 69 6/4/09 Transatlantic Holdings public offering 1,136+ 6/9/09 New York headquarters Kumho n/a 6/19/09 ForEx platform BNP Paribas n/a 6/24/09 Mexican finance Afirme, Consorcio n/a 6/29/09 Russian bank Banque PSA n/a 6/30/09 Taiwan credit-card unit Far Eastern n/a 7/28/09 Life insurance finance Wintrust 680^ 7/29/09 Polish consumer finance Banco Santander n/a 8/11/09 Energy assets multiple buyers 1,900^^ 8/12/09 Hong Kong finance China Construct. 70 8/12/09 India information tech. Mphasis n/a 9/5/09 AIG Investments Pacific Century 500 12/23/09 Israeli mortgage insurer Harel Insurance 36 1/5/10 Canada mortgage insurer Ontario Teachers n/a 3/8/10 Alico MetLife Inc 15,500 3/9/10 Transatlantic Holdings public offering 452~ 4/13/10 53 ILFC planes Macquarie Group 1,987 8/11/10 American General Finance Fortress 125 9/30/10 Star, Edison Pru. Financial 4,800* 10/22/10 AIA Group Ltd. public offering 20,500+ Total 53,299
Notes: Table does not include deal to sell Nan Shan Life Insurance Co., which was canceled.
Some company names have been abbreviated for space. Not all deals have been completed.
*Includes assumed debt.
**Excludes potential $135 million payment based on future performance.
+Includes sale of additional shares later in the month.
~AIG divested Transatlantic Holdings in two offerings.
^Excludes potential purchase of assets for $61.2 million.
^^Includes previously disclosed deals such as Spanish solar plants to HG Capital, interests in oil and gas contracts to an undisclosed buyer and stakes in gas storage and marketing ventures to Tenaska.
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