Reuters is reporting today American International Group (AIG) is seeking bids to sell its American Life Insurance Company (ALICO) unit. MetLife has made a preliminary offer of approximately $11.2 billion. ALICO has life insurance operations in more than 50 countries.
A deal for the sale of the life insurance unit is expected to help AIG repay part of the multi-billion loan the company received from the federal government last year.
It’s important to note that American Life Insurance Company is an entirely different company from American General Life Insurance Company, a QuickQuote marketplace partner. American General Life is AIG’s domestic life insurance unit and remains a very highly rated life insurance company.