NEW YORK--(BUSINESS WIRE)--Mar. 30, 2015--
American International Group, Inc. (NYSE:AIG) announced today that it
has priced the sale of 256 million ordinary H shares of PICC Property
and Casualty Company Limited (PICC P&C) by means of a placing to certain
Upon the closing of the placing, which is scheduled for April 2, 2015,
and is subject to customary closing conditions, AIG will receive gross
proceeds of approximately US$500 million, based upon a purchase price of
HK$15.15 (approximately US$1.95) per share. Thereafter, AIG will
continue to be the largest holder of PICC P&C H shares, with a position
of approximately 1.2 billion shares, representing 8.2 percent of the
total issued share capital of PICC P&C. Under the terms of an agreement
with the managers of the placing, AIG is restricted from selling any of
its remaining ordinary H shares of PICC P&C until July 2, 2015, subject
to certain exceptions, including receiving prior consent of certain lead
managers of the placing.
“AIG is proud of our successful partnership with PICC, which includes
our cornerstone investment in the IPOs of both PICC P&C in 2003 and PICC
Group in 2012,” said Peter D. Hancock, President and Chief Executive
Officer of AIG. “We will continue to seek mutually beneficial
opportunities to broaden our strategic relationship with PICC. By
monetizing a portion of our PICC P&C investment, we are de-risking our
exposure and enhancing AIG’s financial flexibility.”
The ordinary H shares have not been and will not be registered under the
Securities Act of 1933, as amended (the Securities Act), or any other
applicable law, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act and any other applicable law.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the ordinary H shares, nor shall there
be any sale of the ordinary H shares in any jurisdiction in which such
offer, solicitation, or sale would be unlawful.
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 AIG will be able to complete
the placing of the PICC P&C ordinary H shares, or, if completed, what
the net proceeds will be from the placing. 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.
American International Group, Inc. (AIG) is a leading global insurance
organization serving customers in more than 100 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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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 countries, 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.