AIG sells remaining shares in Chinese P&C firm

International carrier gained US$192 million with latest sale, having raised US$2.8 billion over the past two years

Insurance News

By Gabriel Olano

American International Group (AIG) has gained around HK$1.49 billion (US$192 million) after selling its remaining shares in PICC Property and Casualty Co Ltd, an insurer based in China, according to the International Financing Review.
The international insurer sold 111 million shares at HK$13.46 (US$1.74) each, after a previous floor price of HK$13.46 (US$1.73).
AIG bought a 9.9% stake in PICC P&C, worth US$200-300 million, prior to the Chinese insurer’s Hong Kong IPO in 2003. Over the past two years, AIG has been slowly selling off its shares. Including this sale, the US financial group has raised around US$2.8 billion, as calculated by Reuters.
Both AIG and PICC P&C have yet to divulge any additional information regarding the deal.

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