HONG KONG -- U.S. insurance company American International Group, known as AIG, said Monday it would sell part of its holding in PICC Property and Casualty, a Hong Kong-listed Chinese nonlife insurer, for about $500 million.
AIG aims to recoup part of its investment in the insurer while the stock rally continues.
PICC P&C is a subsidiary of the state-owned People's Insurance Company of China. Even after stock sales, AIG will remain PICC P&C's second largest shareholder with 8.2% of its outstanding shares.
AIG took a stake in PICC P&C when the insurer made an initial public offering in Hong Kong in 2003.