Full Resolution of America’s Financial Support of AIG
NEW YORK--(BUSINESS WIRE)--Dec. 14, 2012--
American International Group, Inc. (NYSE: AIG) announced today the
completion of an offering of approximately 234.2 million shares of AIG
common stock by the U.S. Department of the Treasury (Treasury). Treasury
received proceeds of approximately $7.6 billion from the sale. The sale
of these shares – the last of Treasury’s remaining shares of AIG – marks
the full resolution of America’s financial support of AIG.
“Today officially begins a new chapter at AIG,” said AIG President and
Chief Executive Officer Robert H. Benmosche. “We are proud to make
America whole on its investment in AIG plus a substantial profit and
grateful for the opportunity. Thank you America. Let’s bring on
Since September 2008, America committed a total of $182.3 billion in
connection with stabilizing AIG during the financial crisis. Since then,
through asset sales and other actions by AIG, the Federal Reserve, and
Treasury, America recovered its $182.3 billion plus a combined positive
return of $22.7 billion. Beginning in May 2011, Treasury successfully
sold approximately 1.7 billion shares of AIG common stock in six public
offerings for total proceeds of approximately $51 billion, including
approximately $13 billion purchased by AIG. Treasury continues to hold
warrants to purchase approximately 2.7 million shares of AIG common
stock – the sale of which is expected to provide an additional positive
return to taxpayers.
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.
Additional information about AIG can be found at www.aig.com
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Source: American International Group, Inc.
American International Group, Inc.