Asian News - Taiwan: AIG to set up new branch
Source: Asia Insurance Review | Apr 2016
The Financial Supervisory Commission has approved a new branch of Singapore-based AIG Asia Pacific Insurance Pte Ltd (AIG API) in Taiwan.
The move is “just one of many approvals” required for American International Group Inc (AIG) to close the sale of a portion of its insurance business in Taiwan to a local firm Nan Shan Life Insurance, said an AIG executive. In June 2015, AIG announced the signing of the deal with a sale price of US$158 million. The deal is expected to close this year.
Under the deal, Nan Shan Life will buy the personal insurance and small and medium-sized enterprise insurance businesses from AIG’s unit in Taiwan. AIG will retain the large enterprise insurance business which will be operated by a branch office to be established through AIG API. AIG’s Taiwan unit – AIG Taiwan Insurance – will become part of the business sold to Nan Shan Life and renamed at a later date.
The move continues a restructuring of AIG’s operations in Taiwan that began in 2011 when Nan Shan Life, then a part of AIG, was sold to the local group, Ruen Chen Investment Holding. With the sale in 2011, AIG exited Taiwan’s life market but maintained its non-life presence through AIG Taiwan.