AIG unlikely to sell Australian businesses
Troubled US insurer AIG is unlikely to sell its Australian operations, according to an analyst report issued by ABN AMRO Equities this week.
The report points to the announced restructuring of the AIG Group aimed at repaying the US$85 billion loan from the US Treasury, and suggests the company is likely to try to retain its US property and casualty operations and its foreign general insurance business.
It said a review of AIG’s plan indicated that its Australian operations, which include both general and life insurance businesses, are likely to be maintained by the company in circumstances where they appear to meet the definition of “core” under the new business profile.
Recommended for you
A former Victorian financial adviser has been sentenced after stealing $4.4 million from clients, family and friends to feed his “raging gambling addiction”.
Advice licensee Centrepoint Alliance has acquired the financial advice book of superannuation fund Brighter Super and will become the preferred partner to provide advice to its members.
The association has expressed its support for the Opposition’s commitment to making financial advice a “national priority”, alongside its bold target of reaching 30,000 advisers.
Australian investors are increasingly turning to financial advisers as their top source of information, with more than a third using them for investment guidance.
