2010年1月22日金曜日

米メットライフ 米アリコ買収か

米メットライフが、米アリコを買収らしい。
 AIG傘下の生保アリコをめぐり、米生保大手メットライフが140億~
150億ドル(約1兆2800億~約1兆3700億円)で買収する方向で詰めの交渉
に入った。数週間以内の合意を目指しているが、決裂の可能性もある。

メットライフは、アリコの日本市場(昨年5位)、アリコとアフラックが
開拓した米生保式市場と日本郵政のかんぽのおこぼれが目的のようだ。
現在、米国の生保市場の拡大が困難なため、日本市場への進出を狙った
らしい。メットライフは、AIGの足元を見ながら、1兆円以上出して買収
しても、経営が安定するようだ。サブプライムの影響は無かったのだろ
うか。

アリコ 国際犯罪で捜査進まず


snoopy metlife


Peanuts "Ice Skating" Metlife Commercial

---アリコ買収交渉大詰め 米生保メットライフ---
2010年1月20日 10時21分
http://www.tokyo-np.co.jp/s/article/2010012001000153.html

 【ニューヨーク共同】米政府の管理下で経営再建を進めている米保険大手アメリカン・インターナショナル・グループ(AIG)傘下の生保アリコをめぐり、米生保大手メットライフが140億~150億ドル(約1兆2800億~約1兆3700億円)で買収する方向で詰めの交渉に入った、と米紙ウォールストリート・ジャーナル(電子版)が19日伝えた。数週間以内の合意を目指しているが、決裂の可能性もある。
 両社の交渉は昨年春以降、断続的に続いてきたが条件面で折り合わず難航。金融市場が安定してきたのを背景に、メットライフが買収資金を調達しやすくなり交渉が本格化したとみられる。
 メットライフは米国生保市場で13%の市場占有率(シェア)を持ちトップ。日本などで実績を持つアリコ買収で国際戦略を強化する。
 リーマン・ショックで経営危機に陥り米政府に救済されたAIGは、公的資金返済のために資産売却を急いでいる。メットライフと合意できない場合には、アリコ株式を上場させる方向。


---MetLife Bets on Restoring Alico's Reputation---
JANUARY 20, 2010, 7:18 P.M. ET
By ALISON TUDOR And ATSUKO FUKASE
http://online.wsj.com/article/SB10001424052748704320104575014834281436288.html?mod=WSJ_Markets_section_Deals#articleTabs%3Darticle

TOKYO-MetLife Inc.'s multibillion-dollar pursuit of American International Group Inc.'s Alico unit marks a bet that the No. 1 life insurer in the U.S. can restore the dented reputation of a company highly dependent on the troubled economy of Japan.

Alico, formally known as American Life Insurance Co., generates about 70% of its revenue globally from Japan, having built a business over four decades in selling cancer and medical policies.

The AIG unit has suffered in recent years from the calamitous problems of its parent, an accidental leak of sensitive customer information, and a weak financial environment that has chased other U.S.-based firms from the market.

But MetLife would also be acquiring a business that has considerable residual strengths in Japan and would be entering a market that, with a rapidly aging population, could offer fresh growth opportunities, despite the broader economic weakness.

"Alico still has a strong sales channel and a brand, so if MetLife acquires Alico's operations, its credibility will be restored," said Masao Muraki, an analyst at Daiwa Capital Markets.

The AIG unit distributes its products through financial institutions, mail-order service, agencies and consultants. It had about 200 offices, 4,600 consultants and 10,000 agents in Japan as of the end of March.

Alico started in Japan in the 1970s and became one of the country's leading insurers by hawking its products on television commercials-a radical move for an insurer in the 1980s. It also tapped over-the-counter sales in banks and, more recently, online. According to a corporate-image survey in 2008, Alico Japan's name recognition among the public was 99.2%.

However, its brand has had to endure uncertainty in the wake of AIG's near collapse and the U.S. government rescue. AIG had to pump capital into Alico in 2008 and 2009 after AIG's liquidity woes led to credit-rating downgrades and steep declines in the parent company's stock price.

In 2007, Alico and two smaller Japanese life insurance units of AIG generated total revenues of $18.2 billion, according to AIG's financial statements. A year later, revenue from these businesses fell 46%, mainly because of capital losses and lower net investment income. Still, premiums and other considerations for the businesses rose 17% year-on-year to $14.5 billion in 2008.

Alico's ranking in terms of premiums fell to No. 5 as of March from No. 4 a year earlier. For the six months ended Sept. 30, Alico Japan saw premium income fall 16%. AIG companies in Japan are phasing out the AIG brand on documentation including business cards to try to minimize the fallout.

Customer confidence in Alico was also dented when, in March 2008, credit-card information involving 32,359 Alico clients was taken from a computer terminal at a Chinese contractor.

In the following months, the life insurer received inquiries from more than a thousand policyholders worried they had been billed for purchases they hadn't made.

The incident prompted the local financial regulator to call on Alico to check its internal controls on policyholders' personal information.

The financial crisis has damaged business for foreign firms across the Japanese market. Prudential PLC this month decided to stop new policy sales by its Japanese life-insurance business.

But Alico Japan officials say they have already started to recover from the disgrace of their parent. "Financial institutions have gradually restarted sales after understanding that we are on a clear path toward independence and appreciating that we took good care of our customers," said Ai Otsu, a spokeswoman.

And executives within the AIG group still believe there is growth potential in the country's cancer- and medical-insurance sectors, especially as demand is fueled by the aging population.

Alico rival Aflac has developed a substantial presence in Japan, as well. Aflac generates about 70% of its revenue in Japan and is the No. 1 seller of cancer-insurance products in the country.

In contrast, MetLife has a small presence in Japan. It distributes variable-annuity products over the network of a domestic company, Mitsui Sumitomo Insurance Group Holdings.

A MetLife purchase of Alico would signify the U.S. insurance industry's interest in exporting its knowledge of sophisticated insurance products across a wide array of countries.

It won't necessarily be easy. Variable annuities are a hard sell in Japan now, because conservative consumers are worried about equity markets' volatility. The local unit of U.S.-based Hartford Financial Services Group was a large seller of annuities in Japan but decided to stop selling new policies last year.

One possible new threat to foreign insurers in Japan could come from a recent decision by the new government to scrap the planned privatization of the postal system. Controlling assets valued at 304 trillion yen ($3.34 trillion), Japan Post Holdings Co. is one of the world's largest financial institutions. Had it been privatized, Japan Post likely would have shrunk in size and lost most of its government backing.

Japan Post has begun to diversity its product offerings and is weighing entry into a growing array of insurance products, notably cancer insurance. Foreign insurers fear the reversal will leave them facing market-distorting competition from a government-backed rival.
-Leslie Scism
contributed to this article.


---アリコ買収交渉大詰め 米紙報道---
2010.1.20 09:46
http://sankei.jp.msn.com/economy/finance/100120/fnc1001200946004-n1.htm

 米政府の管理下で経営再建を進めている米保険大手アメリカン・インターナショナル・グループ(AIG)傘下の生保アリコをめぐり、米生保大手メットライフが140億~150億ドル(約1兆3700億円)で買収する方向で詰めの交渉に入った、と米紙ウォールストリート・ジャーナル(電子版)が19日伝えた。数週間以内の合意を目指しているが、決裂の可能性もある。
 両社の交渉は昨年春以降、断続的に続いてきたが条件面で折り合わず難航。金融市場が安定してきたのを背景に、メットライフが買収資金を調達しやすくなり交渉が本格化したとみられる。
 メットライフは米国生保市場で13%の市場占有率(シェア)を持ちトップ。日本などで実績を持つアリコ買収で国際戦略を強化する。(共同)


---米AIG、メットライフへのアリコ売却交渉が進展した段階に-WSJ---
更新日時: 2010/01/20 06:33 JST
http://www.bloomberg.co.jp/apps/news?pid=90920008&sid=aoCFCUgIFqp8
 1月19日(ブルームバーグ):米保険会社アメリカン・インターナショナル・グループ(AIG)は、海外の生命保険部門アメリカン・ライフ・インシュアランス(アリコ)を米生保最大手メットライフに売却することで交渉が進展した段階にある。米紙ウォールストリート・ジャーナル(WSJ、オンライン版)が19日報じた。実現すれば、AIGの資産売却としては、同社が米国政府に救済されて以来最大規模となる。
 WSJによると、AIGはアリコを140億-150億ドル(約1兆2800億-1兆3700億円)で売却する見込み。AIG広報担当のマーク・ハー氏はコメントを控えた。メットライフ広報のクリストファー・ブレスリン氏は、自社の目標達成のために「M&A(合併・買収)は必要ない」と述べた上で、いかなるM&Aも「財務面で魅力的」でなければならないとの見解を示した。
 予想されるアリコ売却額は、AIGが2008年9月に米政府に救済されて以来発表した20件を超える資産売却の合計額を上回る。AIGは昨年12月、米連邦準備制度理事会(FRB)に対する債務を250億ドル削減するため、海外の2つの生保部門であるアリコとアメリカン・インターナショナル・アシュアランス(AIA)の株式を特別目的会社に移管した。
 アリコは欧州や中南米、カリブ海諸国、中東、日本を含む50カ国で事業を展開する。
 WSJによると、残りの条件をめぐる交渉が決裂しない限り、売却合意は向こう数週間以内に発表される可能性がある。AIGはアリコの売却あるいは新規株式公開(IPO)で調達する資金のうち、約90億ドルをFRBへの公的資金返済に充てる方針を示している。
 AIGのロバート・ベンモシュ最高経営責任者(CEO)はかつて、メットライフのトップを務めたことがある。AIGが昨年8月に公表した利益相反を避けるための指針によれば、同CEOはメットライフとの交渉には参加しない。


---A.I.G. Unit May Be Sold to MetLife---
By MARY WILLIAMS WALSH and MICHAEL J. de la MERCED
Published: January 19, 2010
http://www.nytimes.com/2010/01/20/business/20aig.html

MetLife, where Robert H. Benmosche made his mark as an insurance executive, has emerged as the lead bidder for a major subsidiary of the American International Group, where Mr. Benmosche is now chief executive.

The deal, if it goes through, would help pay off $9 billion of A.I.G.’s rescue debt to the government, and possibly more, depending on the price. Attempts to sell the unit, considered one of the insurer’s most valuable properties, have faltered for more than a year because of what A.I.G. called fire-sale bids during the financial crisis.

Under the terms now being discussed, MetLife would pay about $14 billion to $15 billion for the A.I.G. subsidiary, which has an attractive foothold in fast-growing Asian markets, according to people briefed on the negotiations. That price suggests a handsome premium, although insurance company values can be difficult to judge, and prices have gyrated in the last two years.

Separately, the chairman of the Federal Reserve Board called on Tuesday for a federal audit of the central bank’s role in A.I.G.’s bailout, hoping to quell persistent questions and criticism.

When he took over A.I.G. last August, Mr. Benmosche signed a commitment not to exert undue influence on transactions with his former company. At the time he joined A.I.G. he held 500,000 shares of MetLife stock, with options for 2.1 million more shares. His A.I.G. compensation package is intended to reward him if the company’s stock price rises consistently over a period of time. Its stock rose slightly on Tuesday, on word of the possible asset sale.

An A.I.G. spokesman, Mark Herr, said the company would not comment on the talks.

A MetLife spokesman, John Calagna, said it was the company’s policy not to comment on what he called “rumors or speculation.” He added, however, “MetLife does not need to enter into any M.& A. transaction to meet its business objectives, and, as we’ve previously stated, our philosophy regarding M.& A. activity is that any deal MetLife pursues would be strategically important and financially attractive to our shareholders.”

MetLife is one of just a small number of insurance companies with the resources for an acquisition of this scale. It took advantage of a special federal program to tap the capital markets in 2008, but did not borrow from the Treasury’s Troubled Asset Relief Program, and said it passed the government’s “capital assessment exercise,” known as the stress test.

A.I.G. has already arranged to give the Federal Reserve Bank of New York the first $9 billion it receives from any sale of the subsidiary, the American Life Insurance Company, known as Alico. Those funds are to redeem $9 billion worth of preferred stock now held in a special-purpose vehicle for the New York Fed.

Any additional proceeds from the sale of Alico would go toward paying down part of a separate, $35 billion credit facility from the New York Fed - the remains of its original bailout loan to A.I.G. in September 2008.

The New York Fed would still have exposure to A.I.G. through two funds, Maiden Lane II and Maiden Lane III, which it created to help the insurer unwind about $50 billion worth of soured investments. And it has been promised the first $16 billion from the sale of another of A.I.G.’s big Asian life insurance companies, called A.I.A., on the Hong Kong stock exchange later this year.

Even now, any deal between A.I.G. and MetLife is probably at least two to three weeks away, and could still fall through, according to the people briefed on the negotiations. MetLife has made offers for Alico before and been rebuffed.

People who follow the insurance industry said that on the basis of numbers alone, MetLife’s offer was strong. American life insurance companies typically change hands at about 1.4 times their book value, according to Douglas J. Elliott, a fellow at the Brookings Institution and a former investment banker who specialized in insurance companies.

Alico’s book value at the end of 2008 was a little less than $4 billion, according to a regulatory filing with its home state, Delaware. That suggests a bidder might try to get away with offering just $5.6 billion.

Mr. Elliott called the $14 billion to $15 billion range “a very high multiple.”

“But these are international operations, and they have footholds in potentially some quite fast-growing parts of the world,” he said. “The emerging markets, like China and India, are seen as potentially huge, profitable markets.”

Andrew Ross Sorkin contributed reporting.

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