AIG to pare itself down
The beleaguered insurance giant AIG announced plans Friday to hold on to its property and casualty insurance businesses, while selling off the rest of the company to pay its massive debt to the federal government, reported CNN.
American International Group said it also will retain a majority stake in its foreign life insurance operations.
Everything else is on the table, said Chief Executive Edward Liddy, who was installed by the Federal Reserve last month after it gave AIG an $85 billion loan. Other businesses include its aircraft leasing unit, asset management division, retirement services and U.S. life insurance operations.
Liddy gave an upbeat presentation to analysts, saying the company will end up strong and nimble after the asset sales.