NEW YORK--(BUSINESS WIRE)--Feb. 11, 2016--
American International Group, Inc. (NYSE: AIG) today announced the
following actions taken by its Board of Directors:
Authorized the repurchase of additional shares of AIG Common Stock
with an aggregate purchase price of up to $5.0 billion. During 2015,
AIG repurchased approximately $10.7 billion of shares of AIG Common
Stock, pursuant to prior authorizations from the Board of Directors.
AIG made additional repurchases of approximately $2.5 billion through
February 11, 2016. AIG’s aggregate remaining share repurchase
authorization, inclusive of today’s announced $5.0 billion
authorization, is approximately $5.8 billion. Repurchases may be made
from time to time in the open market, private purchases, through
forward, derivative, accelerated repurchase or automatic repurchase
transactions, or otherwise.
Declared a 14 percent increase in the quarterly dividend to $0.32 per
share on AIG Common Stock, par value $2.50 per share. The dividend is
payable on March 28, 2016, to stockholders of record at the close of
business on March 14, 2016.
“We are pleased to increase both our share repurchase authorization by
$5.0 billion, and our quarterly dividend to $0.32 per share from $0.28
per share,” said Douglas M. Steenland, Chairman of the Board of
Directors of AIG. “These actions are part of our commitment to return
$25 billion of capital to shareholders over the next two years. AIG’s
Board of Directors and management team are fully aligned on the current
strategy to create value for all stakeholders.”
This dividend will result in an adjustment to the exercise price of the
outstanding warrants (CUSIP number 026874156) (the “Warrants”) to
purchase shares of AIG Common Stock and an adjustment to the number of
shares of AIG Common Stock receivable upon Warrant exercise. The exact
adjustments, determined by a formula set forth in the Warrant Agreement,
will become calculable on or around March 9, 2016, the day prior to the
ex-dividend date. Once the adjustments are determined, AIG will announce
the actual adjustment to the Warrant exercise price and shares
receivable. Further information on the Warrants and the adjustments is
available in the Investors section of AIG’s website.
Certain statements in this press release constitute forward-looking
statements. These 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. It is
possible that actual results will differ, possibly materially, from the
anticipated results indicated in these statements. Factors that could
cause actual results to differ, possibly materially, from those in the
forward-looking statements are discussed throughout AIG’s periodic
filings with the SEC pursuant to the Securities Exchange Act of 1934.
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