AIG Life sell off won't affect Korean biz

SEOUL, Oct. 4 (Yonhap) -- American International Group Inc.'s (AIG) South Korean units said Saturday their parent group's plan to sell off its life insurance division will not affect their business.

AIG Chief Executive Edward Liddy said in a conference call in New York on Friday
that the group will sell its life insurance and retirement operations in the
United States, Europe, Latin America and Japan to repay a US$85 billion
government loan.
AIG Life and AIG General in South Korea said in a joint statement that the plan
"will have no effect" on the companies' business here. The statement explained
that AIG Life in Korea is a subsidiary of AIA, a unit of AIG in Hong Kong, and
that the parent group has decided to sell only a small portion of its shares to
"strategic partners."
Citing their "sufficient financial capacity," the companies also assured
policy-holders that their insurance contracts are secure.
odissy@yna.co.kr
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