American International Group has announced the sale of its Taiwanese life insurance unit for $2.15 billion as part of its effort to repay billions of U.S. taxpayer dollars given to bailout its operations.

New York-based AIG announced the agreement to sell its 98% share of Nan Shan Life Insurance Co. to a consortium led by Hong Kong-based financial services firm Primus Financial Holdings and China Strategic Holdings, a Hong Kong Stock Exchange-listed investment company.

The consortium has agreed to maintain the Nan Shan brand, the existing compensation and benefits package for employees and existing agency organizational and commission structure for at least two years following the close of the transaction, AIG announced.

The current Nan Shan management team will also remain in place, according to the insurer.

“We are pleased to have found a buyer who shares our confidence in Nan Shan’s bright future, and who has pledged to continue Nan Shan’s commitment to its policyholders, agents, and employees, as well as to the people of Taiwan,” said Robert Benmosche, AIG’s chief executive officer, said in a statement.

Nan Shan was established in 1963 and is the largest life insurer in Taiwan by total book value and the third largest by total premiums. The company serves 4 million policyholders through a network of 24 branches, 450 agency offices, 4,000 employees and more than 34,000 agents.

The sale, if approved, would be AIG’s second billion-dollar deal in three months, as it works to repay billions it was loaned by the U.S. Treasury department to maintain its solvency.

In July, nine state regulators approved the sale of AIG’s direct and agency auto business to Farmers Group in a $1.9 billion deal that awarded the 21st Century Insurance Group to Farmers.