News Tag: AIG

March 1, 2010

Prudential in $35.5bn deal with AIA

by Kay Murchie
Prudential, which is Britain’s second largest insurer, has today confirmed it is to buy AIA, the Asian arm of US company American International Group (AIG), in a deal worth $35.5 billion (£23.3 billion). In a stock market statement today, Pru said the deal provided it with the opportunity to create South East Asia's leading insurer. In order to finance the deal, the ...

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Prudential in advanced talks with AIA

by Kay Murchie
Prudential, which is Britain’s second largest insurer, is understood to be in ‘advanced talks’ to acquire AIA, the Asian arm of US company American International Group (AIG). AIA is a key part of AIG with around 20 million customers and reports say the deal could cost about $30 billion (£19.6 billion). In order to finance the deal, Pru is understood to be ...

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May 6, 2009

AIG 2008 performance bonuses higher than reported

by Kay Murchie
It has emerged that insurance giant, AIG, paid out some $454 million (£300 million) in performance bonuses for 2008. The figure is almost four times than the company disclosed back in March with payments ranging from an average of $5,403 to employees of its property-casualty group, to over $50,000 on average for staff in its asset management division. The revelation emerged after ...

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March 2, 2009

Stricken AIG reveals fourth quarter loss of $62bn

by Kay Murchie
US insurance company AIG has today announced a fourth quarter loss of $61.7 billion - the largest corporate loss in US history. The second largest quarterly loss of $54 billion was announced by Time Warner in 2002 following its merger with AOL. AIG’s loss is the equivalent of $678 million per day in the October to December period - or ...

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September 18, 2008

Markets react to $180bn cash injection

by Kay Murchie
Global markets have suffered over the last few days amid the collapse of Wall Street giant, Lehman Brothers, and the rescue of US insurance giant AIG, with many fearing that other financial institutions would suffer the same fate. US stocks increased in early trading today after Central banks from the UK, US, Europe, Canada, Switzerland and Japan injected $180 billion (£100 billion) ...

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September 17, 2008

Global markets welcome AIG bail out

by Kay Murchie
Insurance giant, AIG, has been bailed out by the US Federal Reserve after an $85 billion (£48 billion) rescue package The news has been welcomed by global stock markets after two days of panic selling following the collapse of US investment banking giant, Lehman Brothers. There were fears that AIG was heading the same way after credit ratings agencies Moody's and Standard ...

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September 16, 2008

Barclays confirms interest in possible acquisition of Lehman Brothers assets

by Kay Murchie
Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. However, Barclays has confirmed it could now be interest in buying parts of the stricken business. In a ...

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Fears over insurance giant AIG

by Kay Murchie
Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. In a bid to allay fears in the UK markets, the Bank of England injected an extra £20 billion into the short-term ...

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