AIG wraps-up Japan life business sale to FWD Group
American International Group (AIG) has completed the sale of its Japan life insurance business, AIG Fuji Life Insurance (AFLI), to FWD Group, the insurance segment of Pacific Century Group.
The deal was first announced in November 2016, and marks FWD’s entry into Japan’s life insurance market, further extending its regional footprint in Asia.
AFLI will be a wholly owned subsidiary of FWD Group following the close, and will continue under its current corporate name pending regulatory approval of a new name.
Under the terms of the agreement, FWD Group will maintain AFLI’s existing life insurance distribution agreements with AIG companies in Japan.
Japan is the second largest life insurance market in the world. AIG said that the close of this transaction does not affect its property/casualty business in Japan, where the company has operated since 1946.
It added that AIG will continue to focus on Japan’s property/casualty market through its local subsidiaries Fuji Fire & Marine; AIU Insurance Company; and American Home Assurance Company.
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