NEW YORK--(BUSINESS WIRE)--Nov. 21, 2012--
On November 21, 2012, American International Group, Inc. (“AIG”) (NYSE:
AIG), The People’s Insurance Company (Group) of China Limited (“PICC
Group”) and PICC Life Insurance Company Limited (“PICC Life”) entered
into a non-binding term sheet with respect to the proposed establishment
of a joint venture insurance agency company between AIG and PICC Life
(the “Joint Venture”) that plans to distribute life insurance and other
insurance products through a specialized agency force on a nationwide
basis with a focus on major cities in China and to engage in reinsurance
and other related business cooperation.
In addition, AIG has agreed to subscribe for approximately US$500
million worth of H shares of PICC Group in its initial public offering
in Hong Kong. AIG has agreed not to dispose of more than 25 percent of
such shares without PICC Group’s prior consent for a period of five
years, except that AIG will be permitted to sell all of its H shares
without such consent after six months if definitive legal documentation
for the proposed Joint Venture has not been executed by May 31, 2013 or
upon the occurrence of certain events in connection with the proposed
AIG currently owns approximately 9.9 percent of PICC Property and
Casualty Company Limited, a subsidiary of the PICC Group with publicly
listed shares in Hong Kong.
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, no assurance can be given that the Joint Venture or AIG’s
purchase of H shares of PICC Group will be consummated or, if
consummated, regarding the terms thereof. These forward-looking
statements are not historical facts but instead represent only AIG’s
belief regarding future events, many of which, by their nature, are
inherently uncertain and outside AIG’s control. Except for AIG’s ongoing
obligation to disclose material information as required by federal
securities laws, AIG is not under any obligation (and expressly
disclaims any obligation) to update or alter any projections, goals,
assumptions, or other statements, whether written or oral, that may be
made from time to time, whether as a result of new information, future
events or otherwise. Factors that could cause these forward-looking
statements to differ, possibly materially, from that currently
contemplated included the factors set forth in AIG’s filings with the
United States Securities and Exchange Commission.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all jurisdictions, and coverage is subject to
actual policy language. Non-insurance products and services may be
provided by independent third parties. Certain property-casualty
coverages may be provided by a surplus lines insurer. Surplus lines
insurers do not generally participate in state guaranty funds, and
insureds are therefore not protected by such funds.
Source: American International Group, Inc.
American International Group, Inc.
Jon Diat, 917-239-9241