AIG Sells Insurance Unit To MetLife For $15.5B

By Hilary Russ

Law360, New York (March 08, 2010, 1:30 PM ET) -- American International Group Inc. has reached a deal to sell its American Life Insurance Co. unit to MetLife Inc. for $15.5 billion, making it the embattled insurance giant's second massive sell-off in the past week.

The deal, announced by the insurers on Monday, should help AIG repay some of the $180 billion taxpayers pumped in to keep it afloat after the federal government bailed out the company in 2008. U.S. taxpayers own approximately 80 percent of AIG.

It follows a $35.5 billion agreement AIG reached on...
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