British Insurer To Buy Asian Unit Of AIG
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.
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