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Chinese firms in fray for AIG Asia assets

By Hu Yuanyuan (China Daily)
Updated: 2009-02-27 08:03

Chinese companies are holding discussions with the beleaguered US insurance giant American International Group (AIG) for buying its Asian assets, the insurance regulator said yesterday.

Related readings:  AIG likely to restructure bailout package for second time  China sovereign fund seeks partner for AIG's ILFC  Sale of troubled AIA unit a strictly private matter  AIG leads global insurance losses

Li Kemu, vice-chairman of China Insurance Regulatory Commission (CIRC), said AIG executives visited the country several times, scouting for buyers for its Asian subsidiary, American International Assurance Co (AIA).

"Chinese firms' potential bids would be solely a corporate decision," said Li. "As a regulator, we care more about risks. We found that AIA's business in China was stable."

AIG, facing the prospect of a third round of government aid and the largest quarterly loss in US corporate history, is trying to sell off assets to stay afloat and help pay back part of the $150 billion it borrowed after being driven to the brink of bankruptcy last year.

The major Asian assets on the block are AIG's American Life Insurance (Alico), a unit that generates more than half of its revenues from Japan, and a 49-percent stake in Hong Kong-based life insurance group American International Assurance Co (AIA).

The bid deadline for the Asian assets, roughly valued at around $15 billion, is due on Friday.

There has been some speculation that Bank of China, China Life and China Investment Corporation (CIC) are interested in buying AIA assets. Potential bidders reportedly also include UK insurer Prudential Plc, Canadian insurer Manulife and Singapore sovereign wealth fund Temasek Holdings.

However, a top executive at China Life told China Daily yesterday that the company is not interested in buying AIA.

"AIG would still like to take a controlling stake in AIA, which would hardly be acceptable to China Life. The integration process after the acquisition is a really tough task, with too much uncertainty," he said, adding that it was impossible for China Life alone to acquire AIG's Asia assets.

"But AIA might be a good financial investment for CIC if the country's sovereign fund acquires it at a proper price," he said.

Wu Yan, president of PICC Group, also told China Daily yesterday that the company had not participated in the bidding for AIG's Asia unit.

CIRC's Li said at yesterday's conference that insurers should be prudent in their overseas investments.

The regulator will allow insurers to invest more in corporate bonds, unlisted companies and commercial property, he said.