AIG raises $1.25B selling PICC stock

• Unloading a large chunk of its stake in China's PICC Property and Casualty Co., AIG has raised $1.25B through the sale of 740M shares at HK$13.08 apiece, near the low end of its marketed range.
• The transaction is among the largest block deals in Asia this year and comes at a time when several European and U.S. financial institutions have been trimming their exposure to Chinese banks and insurers.