MetLife, Axa bid for AIG’s life unit

Insurers have begun bidding for American Life Insurance Co., the life insurance unit of American International Group Inc., according to a report published today by Bloomberg. The troubled New York-based company is being forced to sell the division to repay some of the $150 billion it received from the federal government. So far, New York-based MetLife Inc. and Axa SA of Paris have made offers. MetLife’s preliminary bid was $11.2 billion, but that could drop to $8 billion, the report said. The amount of Axa’s bid wasn’t disclosed. AIG is seeking to sell two-thirds of its divisions.