AIG Life Australia May be sold

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Australian Life Insurer American International Assurance Group (Australia) may be sold to pay down debt owed to the US Federal Reserve, AIA has been trading in Australia as AIG Life since 2004.

Despite AIG troubles in America its still planning for growth in Australia, AIG Life Australia’s general manager of strategy and marketing Ken Morgan said.

“Our thirst for growth is unrelenting,” he said. “We’re hiring people to meet demand in response to our increased growth.”

AIG Life Australia boosted its Priority Protection product in February by adding a new accidental death benefit and a partial and permanent disablement benefit.

AIG Life also launched the industry-first Optimum Premium, which offers a more affordable premium option designed to encourage longer periods of cover. 

AIG has just reported a US$62 billion fourth-quarter loss, the largest in US corporate history. For the full year, AIG lost US$99 billion, from a US$9.3 billion profit in 2007.

The US Government said it would offer the insurer a further US$30 billion in exchange for cumulative preferred stock. The government has committed US$162.5 billion to AIG so far.

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