Nan Shan Life Insurance Co (南山人壽) said yesterday its parent, American International Group Inc (AIG), was “considering all strategic options” regarding the sale of its local life insurance subsidiary, but had yet to reach a decision.
The Taipei-based life insurer said the company’s operations remained normal and that any change in its shareholder structure would not damage the interests of its policyholders.
Nan Shan is the second-largest life insurer in Taiwan by gross premiums, behind Cathay Life Insurance Co (國泰人壽).
The company’s statement follows a report by the Wall Street Journal that AIG had hired Morgan Stanley to arrange the sale of Nan Shan “to prospective bidders or public investors” through an auction.
The prospective buyers might include both local and foreign insurers as well as private equity firms, the report said, citing people close to the situation.
New York-based AIG, which controls a 95 percent stake in Nan Shan, is also planning an “initial public offering” for the Taiwanese subsidiary, according to the report.
“We have no knowledge about who AIG is proposing to sell Nan Shan to and how the sale will be conducted,” said a public relations specialist who declined to be named because she was not authorized to speak on the matter.
“But Nan Shan will honor its promise to protect the interests and rights of policyholders,” she said.
Nan Shan vice president and spokesperson April Pan (潘玲嬌) was not available for comment as she is on vacation, the specialist said.
While completing a capital injection of NT$45.11 billion into Nan Shan in November last year, AIG had said it would consider selling part of its holdings in the Taiwanese subsidiary as part of a plan to divest its overseas operations.
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