U.S. insurance giant AIG has agreed to sell one of its top performing subsidiaries to British company Prudential. AIG is selling its Asian business for about $35 billion. The move rockets Prudential to a top spot in Asia's insurance market.
RENEE MONTAGNE, host:
NPR's business news starts with a global insurance deal.
(Soundbite of music)
MONTAGNE: The deal involves the infamous AIG. The American insurance company has agreed to sell one of its top-performing subsidiaries to a British company, Prudential. AIG is selling that subsidiary, which is its Asian business, for about $35 billion. The move rockets the British Prudential to a top spot in Asia's insurance market.
AIG will use the money to pay back part of the bailout billions it received from the U.S. government during the financial crisis.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.