American International Group Inc. reached a deal with People’s Insurance Company Group of China Ltd. for a joint venture to sell life insurance in China.
AIG will contribute 24.9 million yuan ($4.1 million) and People’s PICC Life Insurance Co. unit will contribute 75.1 million yuan to create a joint venture to sell life coverage in major Chinese cities, the Beijing-based parent company said today in a statement.
AIG Chief Executive Officer Robert Benmosche is working to rebuild sales outside the U.S. after the New York-based insurer sold foreign units to help repay a U.S. bailout. AIG took a $500 million stake in PICC’s property-casualty unit last year in a bet on the world’s most populous nation.
“We’re going to put a concerted effort to start reestablishing AIG throughout the world with our life-insurance products,” Benmosche told Bloomberg Television in February.
AIG also recently announced it had agreed to invest approximately $92.5 million (HK$718.1 million) in a rights offering of the Chinese insurance company, PICC Property and Casualty Co.
©2013 Bloomberg News
Was this article valuable?
Here are more articles you may enjoy.
India’s Largest Nuclear Power Plant Hit by Data Breach 
Honda’s Insurance Agency Operations Stall, Services ‘Paused’ 
Florida Property Tax Cut Plan Relies on Population Boom That Has Slowed Dramatically 
Farmers to Pay $2.8M to Settle TPCA Class Action Lawsuit 
