Quite the fall for one of the biggest life insurance in the world just months ago. Apparently AIG is getting rid of all its non-essential assests, and China Life is there to snatch up AIG’s assets in Asia.

Says a senior China Life manager briefed on the situation

‘”We want to buy parts of AIG’s business, especially those in areas of Asia such as Hong Kong, Singapore and South Korea,” the manager at the company, which is based in Beijing, said in an interview. The official spoke on condition of anonymity because a deal was not yet public.’

Just one more knock on the head for AIG; please click here for the entire article in the International Herald Tribune.

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