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AIG divests AIG Fuji Life to FWD Group

Published 01 May 2017

American International Group (AIG) has completed the sale of AIG Fuji Life Insurance (AFLI) to FWD Group, the insurance arm of Pacific Century Group.

The deal was originally announced in November 2016.

AFLI will be a wholly owned subsidiary of FWD Group following the close. AFLI will continue under its current corporate name pending regulatory approval of a new name.

In-force policies will not be affected by the transfer of ownership. Under the terms of the agreement, FWD Group will maintain AFLI’s existing life insurance distribution agreements with AIG companies in Japan. AIG will collaborate with FWD to support the growth of the life insurance business in Japan.

The close of this transaction does not affect AIG’s extensive property casualty business in Japan, the largest of any foreign-based insurer in the country. Japan, where AIG has operated since 1946, represents the company’s largest personal insurance market and third largest commercial insurance market globally, based on net premiums written by country.

AIG will continue to focus on Japan’s property casualty market through its local subsidiaries: Fuji Fire & Marine, Ltd.; AIU Insurance Company, Ltd.; and American Home Assurance Company, Ltd.

Source: Company Press Release