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China Life In Talks To Buy AIG's Asian Life Insurance Arm

CHINA Life Insurance Co is in talks with American International Group to buy the United States insurer's Asian life insurance arm, the China Insurance Regulatory Commission said yesterday.

Li Kemu, the commission's vice chairman, yesterday said AIG was seeking parties to buy its Asian life insurance subsidiary, American International Assurance Co. China Life, the country's biggest insurer, is in talks over a possible bid for AIA, Li said in Beijing yesterday. He added AIA's business in China is operating smoothly. New York-based AIG was forced to sell businesses to repay an US$85-billion government loan.

The insurer, which set up in Shanghai in 1919, in October said it will seek buyers for its life insurance and retirement operations in the US, Europe, Latin America and Japan.

There were no comments from China Life or AIA yesterday.


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