AIG Announces Participation in Rights Offering of PICC Property and Casualty Company Limited
NEW YORK--(BUSINESS WIRE)-- American International Group, Inc. (NYSE: AIG) announced today that it has agreed to invest approximately HK$718.1 million (approximately US$92.5 million), in accordance with its pro rata share, in a rights offering of PICC Property and Casualty Company Limited (PICC P&C), a company listed in Hong Kong.
Immediately prior to and after the rights offering, AIG will own 9.9 percent of shares in PICC P&C, a subsidiary of The Peoples Insurance Company (Group) of China Limited.
The securities 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 securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. This press release is not for distribution or release in or into the Hong Kong Special Administrative Region or any other part of the Peoples Republic of China.
# # #
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 PICC P&C will be able to consummate its rights offering, or, if consummated, the amount of AIG's total investment in the rights offering. These forward-looking statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. Except for AIGs 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 international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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 jurisdictions, 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.
Jon Diat (Media):
Liz Werner (Investors):
Source: American International Group, Inc.Copyright Business Wire 2013