MetLife Inc. plans to pay American International Group Inc. $8 billion in stock and the remainder in cash for American Life Insurance Co. (Alico), as the two sides negotiate what could be a roughly $15 billion deal, reports Marketwatch.
The terms of the deal have not been finalized, though, and the mix could change, sources close to the matter said.
MetLife spokesman Christopher Breslin and AIG spokesman Mark Herr declined to comment on the news that was first reported by Bloomberg. The source is anonymous because the talks are not public.
Alico, which was founded in 1921, sells life insurance and retirement products to 19 million customers in 54 countries.
A.M. Best Co., said Tuesday that in light of the most recent MetLife/AIG news, it may upgrade Alico’s ratings.