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(Reuters)—Bailed-out insurer American International Group Inc. will sell its shares in Asian insurer AIA Group Ltd. after a lock-up period expires in early September, CEO Bob Benmosche said on Wednesday.
Mr. Benmosche said the shares "will be liquidated after Sept. 4," according to a transcript of AIG's annual shareholder meeting on its website. He said the sale would help decrease volatility in AIG's earnings.
AIG spun off two-thirds of AIA in 2010 as part of a package of asset sales to repay its $182 billion U.S. government rescue. Fluctuations in AIA's share price have caused large swings in AIG's earnings since then, with quarterly gains or losses of more than $1 billion commonplace.
AIG sold part of the stake in March, raising around $6 billion and leaving it with 18.6% of AIA, one of Asia's three largest insurers.
Since that sale, which included the lock-up provision, AIA shares have fallen 2.8%. At current levels the remaining stake is worth $7.6 billion.
NEW YORK (Reuters)—Former American International Group Inc. Chief Executive Maurice R. Greenberg said New York's attorney general should be barred from invoking a 91-year-old state law in a fraud case over two suspect reinsurance transactions.