TOKYO, Oct 4: Embattled insurer American International Group Inc. said it will sell three of its Japanese life insurance businesses. As part of its effort to pay off a massive US government loan, AIG has decided to unload Alico Japan, AIG Edison Life Insurance Co., and AIG Star Life Insurance Co., the company said in a statement late on Friday.

On the brink of failure last month, AIG was bailed out when the government offered it an $85 billion loan during the ongoing credit crisis that saw Lehman Brothers Holdings Inc file for bankruptcy protection and the sale of Merrill Lynch & Co to Bank of America Corp. In return for the loan, the government received warrants to purchase up to 79.9 per cent of AIG.

AIG, one of the world’s biggest insurers, also said on Friday in New York that it would sell a number of business units around the world, though it did not specifically disclose all the assets being considered for sale or their expected prices.—AP