AIG Reportedly Sells Major Insurance Unit to MetLife


AIG agreed Sunday to sell a major insurance unit to MetLife for about $15.5 billion, according to the New York Times. This deal represents the second insurance-unit sale AIG has made in the past week, generating about $51 billion combined toward the debt it owes the government. The insurer still owes roughly $50 billion more to the government, an amount that will likely keep growing because of the large sum made available in rescuing the company. The boards of both companies met Sunday to approve the sale, the Times says. [NYT]