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US based AIG Insurance shed its Rs. 8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday. US based AIG Insurance shed its Rs. 8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday. Hayleys AIG, one of the largest foreign owned insurers in Sri Lanka, is a joint venture between local conglomerate Hayleys Ltd and American International Group.

The firm has been scouting for a buyer after it ceased to write new life policies from June 1, 2004.

Mike Blakeway – CEO Hayleys AIG told reporters that firm’s top most priority was to find a suitable custodian for its life portfolio taking into consideration its long term commitment to its policyholders.

He declined to disclose the sale price but said the transfer comes into effect from Nov. 4.

“As you know Hayleys AIG stopped writing new life policies last year and for internal strategic reasons, we decided to focus our attention on the development of general insurance”.

Some 1000 Hayleys AIG policyholders can now hope for better greater returns generating f