Tycoon Richard Li to buy AIG's life insurance business in Japan

New York

HONG Kong tycoon Richard Li is poised to buy American International Group Inc's Fuji Life Insurance Co business, a deal that marks his FWD Group's first foray into Japanese insurance.

AIG will continue to offer property-casualty coverage in the Asian country, the New York-based company said on Monday in a statement announcing the sale, without disclosing terms. The agreement marks FWD's entry into Japan since its 2013 founding, according to the statement.