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Embattled insurer American International Group Inc. said it will sell three of its Japanese life insurance businesses.

As part of its effort to pay off a massive U.S. government loan, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ has decided to unload Alico Japan, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Edison Life Insurance Co., and ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Star Life Insurance Co., the company said in a statement late Friday.

On the brink of failure last month, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ was bailed out when the government offered it an US$85 billion loan during the ongoing credit crisis that saw Lehman Brothers Holdings Inc. file for bankruptcy protection and the sale of Merrill Lynch & Co. to Bank of America Corp. In return for the loan, the government received warrants to purchase up to 79.9 percent of ÌìÃÀÍøÕ¾´«Ã½´«Ã½.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½, one of the world’s biggest insurers, also said Friday in New York that it would sell a number of business units around the world, though it did not specifically disclose all the assets being considered for sale or their expected prices.

A number of overseas life insurance companies are believed to be interested in buying the three Japan subsidiaries, according to the Nikkei financial daily.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Japan unit said it will retain its casualty insurance operations, in line with the company’s overall plan to refocus on its core property and casualty insurance businesses.

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