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Sale of troubled AIA unit a strictly private matter

By Hu Yuanyuan and Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-02-26 14:13

There is nothing unusual about the business of American International Group(AIG)'s AIA Asia life insurance unit in China and the sale is a matter between it and the potential buyers, said Li Kemu, vice-chairman of the China Insurance Regulatory Commission (CIRC), in response to a question about the regulator’s opinion on the proposed transaction.

"As a regulator, we care more about risks. We found AIA's business in China is stable," Li said.

AIG will begin auctioning its unit valued at roughly $20 billion on Friday. There are some speculations that China Life and Bank of China are interested in buying AIA assets. Potential bidders reportedly also include UK insurer Prudential Plc, Canadian insurer Manulife and Singapore sovereign wealth fund Temasek Holdings.