Tags: US | AIG | Bailout | Repayment

AIG Set to Repay $37 Billion in Bailout Money

Monday, 01 Nov 2010 08:00 AM

AIG says it has raised $37 billion from the recent sale of two foreign insurance units to help repay U.S. government bailout money.

AIG says it closed its sale of American Life Insurance Co. Monday to MetLife Inc. for $16.2 billion. It said last week that it raised $20.51 billion through an initial public offering for AIA Group Ltd.

The money will go toward paying off the more than $100 billion in outstanding debt and aid that the financial services company still owes the government.

In late September, American International Group Inc. announced a plan to repay all the bailout money it received from the government during the financial crisis. The government will be converting some outstanding debt into common stock in the company as part of the repayment.

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