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AIG is selling an overseas insurance business to rival MetLife for $15.5bn (£10.3bn), as it continues to raise funds to pay off a federal bail-out.
MetLife is paying $6.8bn in cash and $8.7bn in shares for American Life Insurance Company (Alico), which operates in more than 50 countries.
The announcement comes a week after AIG agreed to sell its Asian business AIA to UK group Prudential for $35.5bn.
AIG is seeking to repay $182.3bn of loans from the US government.
"This came quicker than expected - normally you'd expect a company to take a breather after a deal like the AIA sale," said Antony Gifford, portfolio manager for North American equities at Henderson Global Investors.