Chinatrust Financial Holding Co. (2891.TW) submitted the highest bid out of the four companies interested in buying American International Group Inc.'s (AIG) Taiwan life insurance unit, the Commercial Times reported Tuesday, citing a member of the Taiwan legislature's finance committee.

The committee member, Tsai Cheng-yuan, said that according to his contacts in the U.S. Treasury Department Chinatrust bid US$3 billion for Nan Shan Life Insurance Co., while Cathay Financial Holding Co. (2882.TW) bid US$2.7 billion, Ruentex Group bid US$2.5 billion, and Fubon Financial Holding Co. (2881.TW) US$2.2 billion, the newspaper reported.

The planned sale is the U.S. insurer's second attempt to exit the island, after Taiwanese regulators blocked a US$2.15 billion deal in August to sell the unit to battery maker China Strategic Holdings Ltd. and partner Primus Financial Holdings Ltd.

Newspaper website: http://money.chinatimes.com

-By Paul Mozur, Dow Jones Newswires; 886 2 2502 2557; paul.mozur@dowjones.com