AIG asset sales near US$100b with mortgage unit exit
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[NEW YORK] American International Group Inc has divested more assets than most companies ever accumulate. AIG, still one of the largest insurers in the world, has sold dozens of units since 2008, first to repay a bailout and then to simplify the company and generate funds for share buybacks.
The buyers range from Aabar Investments PJSC to Zurich Insurance Group AG. And while AIG hasn't disclosed the price of every transaction, Chief Executive Officer Peter Hancock said in November that the total was more than US$90 billion. The figure climbed with subsequent deals, including this week's agreement to sell a mortgage insurer for US$3.4 billion.
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