AIG SELLS STAKE IN CHINA’S PICC

Global re/insurer AIG has sold its entire 1.1bn-share stake in People’s Insurance Co of China, Caixin Global news service has reported. AIG raised HK$3.8bn ($484m) in the sale of the shares, which represented a 12.76% stake in PICC’s Hong Kong listing. The HK$3.40 price per share represented a more than 5% discount to PICC’s share closing on Wednesday. AIG became a cornerstone investor in PICC’s initial public offering in December 2012. AIG reportedly made only a 1.75% gain on the six-year investment compared to the 60% return that the Hang Seng Index has seen during that time.