AMERICAN International Group (AIG) yesterday stressed that its non-life operations in South-east Asia are not up for sale, the Dow Jones reported.
The assurance comes amid concerns about the company's comment last Friday that it plans to sell a number of its businesses to repay a loan of US$85 billion (S$124 billion) from the United States government.
In a media conference in Singapore yesterday, Mr Leslie Mouat, regional president for AIG's non-life business in South-east Asia, was quoted by Dow Jones as saying that the company's reputation 'has taken a bit of a hit' from the financial problems faced by parent AIG.
But he stressed that AIG would not sell even a minority stake in its non-life business, which includes accident insurance and insurance of property against fire.
Mr Mouat added that AIG's non-life insurance businesses in South-east Asia have suffered 'minimal impact', Dow Jones reported.
AIG's South-east Asia operations include Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
Meanwhile, the Philippine unit of AIG said in a Reuters report yesterday that it received offers to buy the Philippine American Life and General Insurance from around 10 local and foreign investors, including private equity.
Separately, the head of AIG Retail Bank in Thailand, Mr Charly Madan, announced plans to sell the bank, which has 11 branches in Thailand, as well as 23 billion baht (S$988 million) in assets.
