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AIG Sells Entire Stake in PICC, China

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American International Group (AIG) in April 2019 announced it had sold its entire stake in People Insurance Co. of China (PICC) for HK$3.8 billion (US$482 million).

AIG had bought into PICC as a “cornerstone investor” in its initial public offering in December 2012.

According to Bloomberg, AIG made a 1.75% profit including dividends over the six years, when Hong Kong’s benchmark Hang Seng Index generated a total return of about 60%.

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