2 Nov 2010

AIG raises $US37 billion towards bailout repayment

6:27 pm on 2 November 2010

AIG, the giant insurance group bailed out by the United States government at the height of the credit crisis, has raised almost $US37 billion to repay its $US100 billion debt.

The BBC reports AIG has raised $US20.51 billion by floating AIA on the Hong Kong stock market.

AIG also announced it had sold American Life Insurance Co to MetLife insurance for $US16.2 billion.

AIG was rescued by the US government in 2008 because it was deemed "too big to fail".

It will use $US9 billion in MetLife shares it received as part of the Alico deal to repay more of the debt later.