NEW YORK--(BUSINESS WIRE)--Nov. 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
nine-month period ended September 30, 2016, AIG repurchased
approximately $8.5 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 $946 million of AIG Common
Stock through November 2, 2016. AIG’s aggregate remaining share
repurchase authorization, inclusive of today’s announced $3.0 billion
authorization, is approximately $4.4 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 December
22, 2016, to stockholders of record at the close of business on
December 8, 2016.
“We are pleased to increase AIG’s share repurchase authorization by $3.0
billion and pay a quarterly dividend,” said Douglas M. Steenland,
Chairman of the Board of Directors of AIG. “Year-to-date, the company
has returned $10.8 billion to shareholders, including share and warrant
repurchases and dividends paid. AIG’s Management and Board of Directors
remain focused on returning capital to shareholders, as well as building
value through sustainable growth in its businesses.”
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 December 5, 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 AIG member companies 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. These 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
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102006190/en/
Source: American International Group, Inc.
Liz Werner, 212-770-7074
Hendricks Sullivan, 212-770-3141