BANGALORE (Reuters) - American International Group said on Thursday that it will sell two of its Japan-based life insurance subsidiaries to Prudential Financial Inc for a total sale price of $4.8 billion.
The sale of AIG Star Life Insurance Co Ltd and AIG Edison Life Insurance Company marks another step in AIG's program to repay U.S. taxpayers.
The deal comprises $4.2 billion in cash and $0.6 billion in the assumption of third-party debt, AIG said in a statement.
AIG said it will retain and continue to grow its general insurance business in Japan.
AIG expects to take a non-cash pretax goodwill impairment charge of about $1.2 billion in the third quarter.
(Reporting by Sakthi Prasad in Bangalore; Editing by Muralikumar Anantharaman)
