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Finance

AIG sells $500M stake in Chinese insurer

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.

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