AIG sells Alico unit to MetLife for $15.5 billion

NEW YORK (AP) - American International Group is selling an overseas life and health insurance unit for $15.5 billion to MetLife as it continues to shed assets to repay billions in government aid.

Alico, which operates in more than 50 countries, is the second international unit AIG has sold this month. On March 1, AIG said it would sell a cornerstone of its business, Asia-based life insurer AIA Group, to Britain's Prudential PLC in a government-approved $35.5 billion deal.

The sales of Alico and AIA could net enough to eventually cover the Federal Reserve Bank of New York's $47.9 billion investment in AIG.