UPDATE 1-AIG says completed stock, unit sales

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NEW YORK, May 16 (Reuters) - American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz), the global insurance giant, said on Friday it completed the sale this week of 196.7 million common shares at $38 a share and sold 78.4 million equity units at $75 a unit, raising more than it originally planned.

Earlier this week AIG announced it would offer $11.9 billion in stock and equity units to bolster a balance sheet hit by subprime mortgage related losses.

Based on the transaction totals disclosed Friday in a Securities and Exchange Commission filing, AIG sold nearly $13.4 billion of stock and equity units. (Reporting by Joseph A. Giannone; Editing by Tim Dobbyn)