AIG sells Taiwan subsidiary to Primus for $2.15B

American International Group has agreed to sell its Taiwan unit Nan Shan to an investor group led by Hong Kong's Primus Financial for about $2.15 billion.

Nan Shan, which serves more than 4 million life insurance policy holders in Taiwan, is the third-largest life insurer in the country by total premiums.

The Primus consortium will maintain the Nan Shan brand. The current Nan Shan management team will remain in place.

When the credit crisis hit last year, the U.S. government rescued New York-based AIG with a loan bailout package worth up to $182.5 billion in exchange for 80 percent ownership of the huge insurer. AIG is shedding assets in an effort to repay government aid.