American International Group on Tuesday announced its largest divestment since its rescue last year with a $2.15bn sale to Hong Kong-based buyers led by a new fund ambitious to build a financial services conglomerate in Asia.

The sale by AIG of its Taiwanese life assurance unit is a coup for Robert Morse, chairman of Primus Financial, a former senior Citigroup executive in Asia who helped to set up the fund in May with two former colleagues.