NEW YORK--(BUSINESS WIRE)--May 2, 2016--
American International Group, Inc. (NYSE:AIG) announced today that it
has priced the sale of 740 million ordinary H shares of PICC Property
and Casualty Company Limited (PICC P&C) by means of a placing to
institutional investors.
Upon the closing of the placing, which is scheduled for May 5, 2016, and
is subject to customary closing conditions, AIG will receive gross
proceeds of approximately US$1.25 billion, based upon a purchase price
of HK$13.08 (approximately US$1.69) per share. Thereafter, AIG will hold
a position of approximately 111 million shares, representing 0.75
percent of the total issued share capital of PICC P&C.
“We’re transforming AIG into a leaner, more profitable and focused
insurer,” said Peter D. Hancock, President and Chief Executive Officer
of AIG. “By continuing to de-risk our position in PICC P&C, we are
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. 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
and www.aig.com/strategyupdate
| 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/20160502005375/en/
Source: American International Group, Inc.
American International Group, Inc.
Investors
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media
Jennifer
Hendricks Sullivan, 212-770-3141
jennifer.sullivan@aig.com