AIG announced it has successfully completed the sale, originally announced in November 2016, of its japanese subsidiary - AIG Fuji Life to FWD Group - the insurance arm of Pacific Century Group.

The insurer will continue under its current corporate name pending regulatory approval of a new name.

Under the terms of the agreement, FWD Group will maintain AFLI's existing life insurance distribution agreements with AIG companies in Japan.

AIG will continue to operate on Japan's property casualty market through its local subsidiaries: Fuji Fire & Marine Insurance, AIU Insurance Company and American Home Assurance Company.

AIG Fuji Life Insurance Company was founded in 1996 and is based in Tokyo. The company operates as a subsidiary of Fuji Fire & Marine Insurance.

Pacific Century Group is an Asia-based private investment group founded in 1993 with interests in technology, media and telecommunications, financial services, infrastructure, property and other investments. It operates mainly in the Asia-Pacific region, including Singapore, Hong Kong and Japan.