AIG将评估南山人寿的首轮投标

　　全球私人股本公司和战略买家对美国国际集团(AIG)价值20亿美元的台湾寿险子公司表现出浓厚兴趣，AIG本周将对首轮投标进行评估。

　　Several private equity firms and local financial groups submitted non-binding bids ahead of a weekend deadline, raising hopes of a competitive auction.在上周五的截止日期前，数家私人股本公司和本土金融集团递交了不具约束力的收购要约，引起了人们对于竞标会很激烈的猜测。

　　According to people familiar with the matter, interested private equity firms include Carlyle Group and Oaktree, the US fund groups.据知情人士表示，有兴趣的私人股本公司包括美国基金集团凯雷(Carlyle Group)和橡树资本(Oaktree)。

　　At least two Asia-based private equity firms, MBK Partners and Primus Pacific Partners, are also keen on the asset, said people familiar with the discussions.据熟悉相关事宜的人士表示，至少有两家亚洲私人股本公司——安博凯投资机构(MBK Partners)与博智资本(Primus Pacific Partners)——也对该资产非常感兴趣。

　　The auction has also drawn strong interest from financial groups including Cathay Financial Holding, Fubon and Chinatrust.此次资产拍卖还引起了国泰金控(Cathay Financial Holding)、富邦金控(Fubon)和中信金控(Chinatrust)等金融集团的强烈兴趣。

　　Some overseas groups are expected to team up with local bidders to form rival consortia as the sale process for Nan Shan Life Insurance enters its decisive phase.随着南山人寿(Nan Shan Life Insurance)的出售进程进入决定性阶段，预计一些海外集团将会与当地竞购者携手组成竞争财团。

　　AIG owns 95 per cent of Nan Shan, Taiwan's third-largest life insurer by gross premiums with an 11 per cent market share. The unit had T$67bn (US$2.3bn) in net assets at the end of June 2008. Some analysts and banking executives say that Nan Shan's attractiveness is diminished by the fact that, like other Taiwanese insurers, its liabilities include policies that guarantee high returns to policyholders.AIG拥有南山95%的股份。按总保费衡量，南山是台湾第三大保险商，占11%的市场份额。2008年6月底，南山净资产为670亿元新台币(合23亿美元)。一些分析师和银行业高管表示，由于与台湾其它保险商一样，南山的债务中包括为投保人许下高回报率的保单，其吸引力有所减弱。

　　“AIG may be too optimistic if it thinks it can fetch $2bn for Nan Shan,” said a Taiwan banking executive.“如果认为南山能卖到20亿美元，AIG未免有些过于乐观了，”台湾一名银行高管表示。

　　A number of foreign insurers have exited the Taiwanese market because new accounting rules adopted in Europe – but not in Taiwan – require insurers to set aside a large amount of capital for these policies which are producing losses because the low investment returns achievable in the market are well below the guaranteed rate of return.许多外国保险商已撤出台湾市场，因为欧洲施行的新会计规定要求，保险公司必须为上述保单拨出大笔资金。由于在市场中可获得的低投资回报率远远低于许诺的回报率，这些保单一直处于亏损状态。台湾没有施行类似规定。

　　People familiar with the situation said the government is expected to prefer a local strategic buyer to lead any acquisition.知情人士表示，预计台湾政府更希望看到由本土战略买家牵头收购。

　　“This is not just a question of price,” said one person involved in the sale process. “Insurance requires specialist skills. It is not like retailing or industrial production.”一位参与了出售进程的人士表示：“这不仅是价格问题。保险业需要专业技能，与零售或工业生产不同。”

　　AIG is selling assets to repay about $100bn in debt and equity to the US government, which rescued it last year. The company has disclosed that it had raised $6.7bn from asset sales since last September.AIG出售资产，是为了偿还欠美国政府的1000亿美元债务和权益。美国政府去年对该集团进行了救助。AIG披露，去年9月以来，该公司已通过资产出售筹集到资金67亿美元。

　　Nan Shan is not part of American International Assurance, AIG's pan-Asian life insurance unit.南山并非AIG旗下泛亚洲寿险部门友邦保险(AIA)的一部分。

　　Hong Kong-based AIA, which is regarded as a “crown jewel” of AIG, has appointed banking advisers to assist with a $5bn-plus Hong Kong market listing expected early next year.总部位于香港的友邦保险被视作AIG“皇冠上的珠宝”。该公司有望于明年初在香港上市，已指派了银行业顾问为其上市提供协助。