https://www.scmp.com/rss/270293/feed American International Group dates back to 1919, when American Asiatic Underwriters was founded in Shanghai, expanding through the region, and opening a US office in 1926 and shifting its head office to New York in 1939. It received a US$85 billion bailout in 2008. It subsequently sold assets to raise cash, including its Hong Kong arm, AIA Group, which subsequently raised more than US$20 billion in an IPO. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com American International Group (AIG) is selling a stake in PICC Property and Casualty Co Ltd worth up to US$1 billion to institutional investors through a block deal, cutting its shareholding in the Chinese state-owned insurer for the second time this year. The US insurer acquired a stake in PICC Property and Casualty as a cornerstone investor in 2003, ahead of the Chinese insurer's flotation. The deal launched on Monday comes after AIG raised $500 million by selling down its PICC P&C stake in... https://www.scmp.com/business/companies/article/1888194/aig-offering-1b-stake-chinese-insurer-picc-pc?utm_source=rss_feed https://www.scmp.com/business/companies/article/1888194/aig-offering-1b-stake-chinese-insurer-picc-pc?utm_source=rss_feed Mon, 07 Dec 2015 15:30:45 +0000 Hong Kong-raised Peter Hancock has been promoted to chief executive of American International Group as the firm focuses on growth after his predecessor stabilised the insurer and paid back a 2008 government bailout. Hancock oversees property-casualty insurance and will also become president on September 1, the New York-based firm said. He replaces Robert Benmosche. "AIG is no longer burning down, and the challenge for AIG and for Peter as [chief executive] is to continue to drive the... https://www.scmp.com/business/companies/article/1532078/aig-picks-hong-kong-raised-hancock-chief-executive?utm_source=rss_feed https://www.scmp.com/business/companies/article/1532078/aig-picks-hong-kong-raised-hancock-chief-executive?utm_source=rss_feed Fri, 13 Jun 2014 20:15:30 +0000 American International Group announced its first capital return since its 2008 bailout, through a dividend and share buyback, sending its shares up 6 per cent after the bell. The insurer, which was almost wiped out by its derivative bets in the crash five years ago, reported a quarterly profit that handily beat Wall Street estimates, along with a quarterly divided of 10 cents and a share buy back of up to US$1 billion. “Return of the quarterly dividend as well as the buyback is a clear... https://www.scmp.com/business/banking-finance/article/1293796/aig-investors-cheer-first-capital-return-bailout?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1293796/aig-investors-cheer-first-capital-return-bailout?utm_source=rss_feed Fri, 02 Aug 2013 03:36:14 +0000 The US financial risk council on Tuesday said it has designated American International Group and GE Capital as systemically risky, bringing them under stricter regulatory oversight. The Financial Stability Oversight Council’s decision to name its first set of “systemically important” non-bank firms had been long expected by the financial services industry. The designation shows that regulators believe the two companies are so big their failure could destabilize the financial system. The firms... https://www.scmp.com/business/banking-finance/article/1279398/us-risk-council-designates-aig-ge-capital-tougher-oversight?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1279398/us-risk-council-designates-aig-ge-capital-tougher-oversight?utm_source=rss_feed Wed, 10 Jul 2013 02:31:52 +0000 Former American International Group chief executive Maurice “Hank” Greenberg failed to persuade New York state’s highest court to dismiss a lawsuit seeking to hold him accountable for sham transactions at the insurer. The decision by the state’s Court of Appeals is a victory for New York Attorney General Eric Schneiderman, who has been pursuing a case first brought in 2005. Greenberg, 88, has argued that there was no admissible evidence that he orchestrated a US$500 million transaction with... https://www.scmp.com/business/banking-finance/article/1269286/former-aig-boss-hank-greenberg-loses-bid-dismiss-ny-case?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1269286/former-aig-boss-hank-greenberg-loses-bid-dismiss-ny-case?utm_source=rss_feed Wed, 26 Jun 2013 04:19:56 +0000 American International Group chief executive Robert Benmosche raised doubt about whether the company would complete a sale of its plane-leasing unit to a Chinese investor group by a deadline this month. "June 14, we have to make a decision," Benmosche said on Tuesday. "Whether this deal will get done or not, we don't know." AIG said last week that it had not received a deposit required in an agreement to sell International Lease Finance Corp to acquirers led by New China Trust's chairman, Weng... https://www.scmp.com/business/companies/article/1254143/aigs-us42b-sale-plane-leaser-iflc-chinese-investors-doubt?utm_source=rss_feed https://www.scmp.com/business/companies/article/1254143/aigs-us42b-sale-plane-leaser-iflc-chinese-investors-doubt?utm_source=rss_feed Wed, 05 Jun 2013 16:00:00 +0000 The media is buzzing with word that the blockbuster but controversial sale of the world's top aircraft leasing firm to a Chinese buyer may be unraveling, after the Chinese group missed a payment in the deal process. Word of the missed payment is coming from the seller, AIG (NYSE: AIG), and may be the first sign that the US insurance giant either no longer wants to sell its ILFC unit or perhaps has found another, less controversial buyer willing to pay a similar price for the aircraft leasing... https://www.scmp.com/comment/blogs/article/1253144/chinas-aircraft-leasing-buy-aig-unravels?utm_source=rss_feed https://www.scmp.com/comment/blogs/article/1253144/chinas-aircraft-leasing-buy-aig-unravels?utm_source=rss_feed Tue, 04 Jun 2013 03:01:41 +0000 American International Group’s rescue is coming to an end more than four years after the US took over the company to save the global economy in a bailout that fuelled resentment against Wall Street. The US Treasury Department is selling its last 234.2 million shares of AIG in its sixth offering of the insurer’s stock, the government said. Shares priced at US$32.50 apiece, according to two people familiar with the sale who asked not to be identified because the US didn’t publicly disclose the... https://www.scmp.com/business/money/markets-investing/article/1102944/aig-bailout-angered-bernanke-winds-down-treasury?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1102944/aig-bailout-angered-bernanke-winds-down-treasury?utm_source=rss_feed Tue, 11 Dec 2012 06:20:35 +0000 A Chinese group agreed to buy 80.1 per cent of American International Group’s plane-leasing unit for US$4.23 billion in the nation’s largest acquisition of a US company. The International Lease Finance Corporation acquirers, led by New China Trust Chairman Weng Xianding, have an option to buy another 9.9 per cent, New York-based AIG said today in a statement. The transaction, which values ILFC at US$5.3 billion, passes China Investment Corporations’ US$3 billion purchase of a stake in Blackstone... https://www.scmp.com/business/companies/article/1102017/chinese-investors-buy-80pc-aig-plane-unit-us42b?utm_source=rss_feed https://www.scmp.com/business/companies/article/1102017/chinese-investors-buy-80pc-aig-plane-unit-us42b?utm_source=rss_feed Mon, 10 Dec 2012 02:20:17 +0000 How can a continuing business worth billions of dollars a year disappear from the public record of a listed company overnight? From 2003 onwards, PICC Property and Causality (PICC P&C) has been reinsuring a significant portion of its premium with American Insurance Group (AIG). That is the result of an accord in return for AIG's investment in the former's initial public offering in 2003. Once boosted as a vote of confidence, the deal has not been included in any PICC P&C's public documents since... https://www.scmp.com/business/article/1094780/very-curious-case-disappearing-reinsurance-deal?utm_source=rss_feed https://www.scmp.com/business/article/1094780/very-curious-case-disappearing-reinsurance-deal?utm_source=rss_feed Fri, 30 Nov 2012 16:00:00 +0000 The initial public offering of the mainland's largest general insurer, People's Insurance Company (Group) of China (PICC), raises lots of doubts. The firm is trying to answer them with a US$500 million investment by American International Group. Yet, can it? PICC gets 90 per cent of its profit from its property and casualty insurance business, which is already listed in Hong Kong via its PICC Property and Casualty (PICC P&C) unit. Question No 1 is: Why put your money into the parent and add the... https://www.scmp.com/business/article/1089486/there-little-comfort-line-main-investors?utm_source=rss_feed https://www.scmp.com/business/article/1089486/there-little-comfort-line-main-investors?utm_source=rss_feed Fri, 23 Nov 2012 16:00:00 +0000 ING Group said it has agreed to sell its Hong Kong, Macau and Thailand insurance businesses to Richard Li Tzar-kai’s Pacific Century Group (PCG) for US$2.14 billion (HK$16.59 billion), as the Dutch banking group scrambles to meet improve liquidity and capital adequacy ratios. The deal, estimated at nine times estimated book value, is expected to bring ING a step closer to fulfilling conditions stemming from its government bailouts in 2008 and the year after and help Richard Li, younger son of... https://www.scmp.com/business/banking-finance/article/1064802/ing-group-sells-hong-kong-macau-thai-insurance-units?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1064802/ing-group-sells-hong-kong-macau-thai-insurance-units?utm_source=rss_feed Fri, 19 Oct 2012 05:41:05 +0000 ING Group, under European Union orders to divest assets, is near an agreement to sell its Hong Kong and Thailand insurance businesses to Richard Li Tzar-kai, three people familiar with the matter said. The Dutch bank is in final negotiations with Li - younger son of tycoon Li Ka-shing - and an announcement may come as early as today, said the people, asking not to be identified because the discussions are private. The proposed sale may value ING's Hong Kong business at about US$2.1 billion... https://www.scmp.com/business/banking-finance/article/1064443/richard-li-close-deal-ings-insurance-units?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1064443/richard-li-close-deal-ings-insurance-units?utm_source=rss_feed Thu, 18 Oct 2012 16:00:00 +0000 FOR the past 18 months, Manulife Financial has watched with envy from the sidelines while rival American International Group (AIG) has revelled in being the first foreign insurance company to do business in China for more than 40 years. But the Canadian life insurance company, which has total assets under administration of more than C$57 billion (about HK$319 billion), hopes soon to gain a foothold in a market that has the potential to develop into the world's largest. Manulife's keen interest... https://www.scmp.com/article/76476/manulife-sets-out-track-aig-gaggle-insurers-jostle-licences?utm_source=rss_feed https://www.scmp.com/article/76476/manulife-sets-out-track-aig-gaggle-insurers-jostle-licences?utm_source=rss_feed Wed, 01 Jun 1994 16:00:00 +0000