NEW YORK--(BUSINESS WIRE)--Aug. 2, 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 $3.0 billion. During the
six-month period ended June 30, 2016, AIG repurchased approximately
$6.2 billion of AIG Common Stock and $263 million in warrants to
purchase shares of AIG Common Stock (the “Warrants”), pursuant to
prior authorizations from the Board of Directors. AIG repurchased an
additional approximately $698 million of AIG Common Stock through
August 2, 2016. AIG’s aggregate remaining share repurchase
authorization, inclusive of today’s announced $3.0 billion
authorization, is approximately $4.0 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 (including through the purchase of
Declared a quarterly dividend of $0.32 per share on AIG Common Stock,
par value $2.50 per share. The dividend is payable on September
29, 2016, to stockholders of record at the close of business on
September 15, 2016.
“We are pleased to increase AIG’s share repurchase authorization by $3.0
billion and declare a quarterly dividend,” said Douglas M. Steenland,
Chairman of the Board of Directors of AIG. “AIG made a commitment to
return $25 billion of capital to shareholders over 2016 and 2017, and
has returned $7.9 billion through August 2nd, 2016 (including
share and warrant repurchases, and dividends paid). This quarter’s
capital actions demonstrate that AIG Management and the Board continue
to be focused on achieving the company’s strategic objectives.”
This dividend will result in an adjustment to the exercise price of the
outstanding Warrants (CUSIP number 026874156) 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 September 12, 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 Investor Relations section of AIG’s
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. Founded in 1919, today we provide a wide range of property
casualty insurance, life insurance, retirement products, mortgage
insurance and other financial services to customers in more than 100
countries and jurisdictions. Our diverse offerings include products and
services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. 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.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
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.
Liz Werner (Investors),
Melon (Investors), 212-770-4630
Hendricks Sullivan (Media), 212-770-3141