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.
Preparing for an AI Native Future 
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers 
Experian Launches Insurance Marketplace App on ChatGPT 
Florida Regulators Crack the Whip on Auto Warranty Firm, Fake Certificates of Insurance 
