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.
AIG stake in PICC worth around US$1 billion, second time in 2015 it is selling PICC shares
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.
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 Xianding. That would allow AIG to cancel the accord, reached in December last year, to sell 80 per cent of ILFC for about US$4.2 billion.
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.
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 HK$16.59 billion.