NEW YORK (AP) — American International Group Inc. said Monday that it will spend $718.1 million Hong Kong dollars ($92.5 million) in a rights offering by Chinese insurance company PICC Property and Casualty Co.
New York-based insurer AIG said that it will own 9.9 percent of shares in PICC P&C after the offering. The company is a subsidiary of The People's Insurance Co. of China and is traded in Hong Kong. A representative for AIG declined to comment further on the investment move announced Monday.
AIG became a household name after it received a multibillion bailout in the financial crisis but has since sold off divisions and taken other steps to repay its loans. One of those sales included its chunk in another Asian insurer, AIA Group. The company has since repaid its debt and appears eager to increase its investment in Asia.
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AIG's shares slipped 33 cents to $44.90 by late Monday, in line with broader market trends. Its stock value has climbed more than 58 percent since this time last year.
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