AIG to sell $1.2 billion worth of shares in Chinese insurer
Posted On: May. 2, 2016 12:00 AM CSTAmerican International Group Inc. is looking to unload about 740 million of shares worth $1.2 billion in China's PICC Property and Casualty Co. Ltd. In a block deal, reports Reuters citing IFR.
AIG will be left with 110 million shares in the insurer following the sale. AIG has been reducing its stake in PICC P&C. The U.S. insurer raised around $1.3 billion in two separate sales in 2015.