OTHER NEWS - Dec. 6, 1991
From Times Staff and Wire Reports
Amex Life Insurance Unit for Sale: American Express Co. is negotiating to sell its life insurance business for as much as $500 million as it seeks to build capital after big problems in its Optima credit-card division. The proposed sale of Amex Life Assurance Co., which has $1 billion in assets and reported $59 million in profit last year, is part of the company’s recent effort to focus on its main credit-card and travel businesses. The Wall Street Journal identified potential buyers for the unit as Unum Corp., a Portland, Me., insurer, and Aegon U.S.A., a unit of the Dutch insurer Aegon, although the firm declined to identify interested parties.
