In Brief: AIG Joins Bidding for South Korean Insurer

Published August 25, 2004, 7:52 p.m. EDT

Updated August 24, 2004, 6:52 p.m. EDT

1 Min Read

American International Group Inc. said Tuesday that it has entered an auction to buy a small, unlisted South Korean insurance company.

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HSBC Holdings PLC and MetLife Inc. also have bid on SK Life Insurance Co.

New York-based AIG will be allowed to begin due diligence on the Korean insurer and make a final offer despite creditors' having chosen HSBC, MetLife, and Manulife Financial Corp. of Toronto last month as the three final bidders. Creditors had planned to get final bids for the company in September.

SK Life has 2.6% of South Korea's life assurance premiums.

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