MetLife, Axa in race for AIG's life insurance arm: Report

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London: American insurer MetLife and French entity Axa are looking to buy one of beleaguered AIG's life insurance subsidiaries, says a report.

American International Group better known as AIG, which was severely hit by the financial turmoil, is exploring options to sell many of its assets.

"Rival bidders are circling one of AIG's life insurance subsidiaries as the stricken American financial group prepares to report one of the biggest losses in corporate history," the Times said in a report published online on Wednesday.

The daily noted "it emerged yesterday" that America's largest life insurer MetLife had offered about 11.2 billion dollars for AIG's American Life Insurance Co.

"However, it is understood that the offer may fall to eight billion dollars because of the deterioration of the division's financial condition," it said.

American Life has operations in about 50 countries but it was not clear whether the entity has business in India.

"A rival bid for American Life, which spans 50 countries, has been lodged by AXA, the French insurance group, but this excludes the US company's Japan operations, its biggest market," ‘The Times’ said.

The report added that AIG's chief executive Edward Liddy.