NEW YORK--(BUSINESS WIRE)--Dec. 7, 2015--
American International Group, Inc. (NYSE:AIG) announced today that it
has priced the sale of 361 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 December 10,
2015, and is subject to customary closing conditions, AIG will receive
gross proceeds of approximately US$751.8 million, based upon a purchase
price of HK$16.14 (approximately US$2.08) per share. Thereafter, AIG
will continue to be the largest holder of PICC P&C H shares, with a
position of approximately 851 million shares, representing 5.74 percent
of the total issued share capital of PICC P&C.
“During our third quarter earnings call, we disclosed that narrowing our
focus is one of AIG’s four strategic priorities,” said Peter D. Hancock,
President and Chief Executive Officer of AIG. “By continuing to de-risk
our position in PICC P&C, we are focusing AIG’s capital in our core
markets and enhancing our financial flexibility. We continue to greatly
value our strategic partnership with PICC P&C.”
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
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig
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.
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Source: American International Group, Inc.
American International Group, Inc.
Hendricks Sullivan, 212-770-3141