AIG Receives Bids For Life Insurance Unit: Report

LONDON -- American International Group Inc. has received bids from MetLife Inc. and Axa for its American Life Insurance Co. unit, according to a Bloomberg report citing people familiar with the matter. MetLife made a preliminary offer of $11.2 billion, though the price may drop to around $8 billion because of the unit's worsening condition the report said. The Axa bid, meanwhile, excluded operations in Japan, it added. If it doesn't find a deal at the right price, AIG may shelve the sale or issue shares to the public. AIG said Monday that Monday that it's evaluating "potential new alternatives" with the Federal Reserve Bank of New York to tackle the insurers problems.Copyright © 2009 MarketWatch, Inc.