AIG has rekindled talks with MetLife, its US rival, over the sale of American Life Insurance Company, one of the jewels in its crown, in a move that could help the stricken insurer raise more than $15bn to repay the $80bn it currently owes US taxpayers.

The talks over Alico, which has operations in more than 50 countries outside the US, are preliminary and could founder as they did earlier this year when the two sides disagreed on price, people close to the situation said.