Tokyo, Oct 7, 2008 (Jiji Press) - Daniel Amos, visiting chairman and chief executive officer of American Family Life Assurance Co., said Tuesday that the company intends to consider acquiring three Japanese life insurance businesses that American International Group Inc. has decided to sell.
"We plan on reviewing it and considering it" if the opportunity arises, Amos said in an interview.
If an offer is made, American Family is going to look first at Alico Japan, or American Life Insurance Co.'s Japanese business, but it also is to eye the other two, AIG Star Life Insurance Co. and AIG Edison Life Insurance Co., Amos said.
It would take longer for American Family, which is not an acquisitions expert, to consider the matter, Amos said. "I would think a couple of months anyway to be able to reach a conclusion," he said, noting the company has to carefully consider the synergy effects of the acquisitions.
Amos said the U.S. financial crisis has not had a major impact on American Family, as it has on other firms. He stressed his firm's financial soundness because its assets are mostly in investment-grade bonds.
Even though American Family owned corporate bonds worth some 27 billion yen of bankrupt U.S. investment bank Lehman Brothers Holdings Inc., the effects of the Lehman failure are minimal, Amos said.
American Family's Japanese business, which mainly deals in insurance for cancer and medical care, has been performing well, Amos said.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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