SEC pressured insurer into revealing sum

AIG has diclosed that it will receive $125m in return for selling a majority stake of its consumer finance unit to private equity firm Fortress following regulatory pressure to reveal the amount, Bloomberg reports.

The insurer had opted not to disclose the amount in an 11 August filing because it considered the sum immaterial. However, the US Securities and Exchange Commission asked AIG on 18 August to explain why the deal wasn't a "material definitive agreement not made in your ordinary course of business".

The correspondence between AIG and the regulator was released on Monday.

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