Just days after American International Group Inc. announced its recapitalization plan was set to be approved this week, the insurer took another step forward by agreeing to sell a Taiwanese life insurer.

AIG today announced an agreement to sell its 97.57% interest in Nan Shan Life Insurance Co. Ltd. to Ruen Chen Investment Holding Co. Ltd. for $2.16 billion in cash. The transaction is still subject to regulatory approval. Last year, AIG had agreed to sell the company to an investor group led by Hong Kong's Primus Financial for about $2.15 billion, but the deal was later nixed by the Taiwan regulatory authority, which cited concerns over their financial capability and long-term commitment.

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