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American International Group Inc. reported that it has reduced the remaining liquidation preference of preferred interests that the U.S. Department of the Treasury holds in AIA Aurora LLC to approximately $9.3 billion by applying the proceeds of approximately $2 billion from the sale of Nan Shan Life Insurance Co. Ltd.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ closed the sale of Nan Shan, its Taiwan-based life insurance company, to Ruen Chen Investment Holding Co. Ltd., a company owned 80 percent by the Ruentex Group and 20 percent by Pou Chen Corp., for $2.16 billion in cash.

“We continue to make progress in helping the Treasury and taxpayers recoup their investment in ÌìÃÀÍøÕ¾´«Ã½´«Ã½,” said ÌìÃÀÍøÕ¾´«Ã½´«Ã½ President and CEO Robert H. Benmosche. “We are pleased to have completed the sale of Nan Shan to Ruen Chen – a great result for American taxpayers, for ÌìÃÀÍøÕ¾´«Ã½´«Ã½ and for Nan Shan’s policyholders, employees and agents.”

Source: ÌìÃÀÍøÕ¾´«Ã½´«Ã½

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