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American International Group Inc Signs Joint Venture Agreement with PICC Life to Form an Agency Distribution Company in China

Wednesday, 29 May 2013 11:00pm EDT 

American International Group Inc, People's Insurance Company (Group) of China (PICC) and PICC Life Insurance Company Limited (PICC Life) announced that they have entered into a joint venture agreement to form an agency distribution company in China. In December 2012, AIG invested USD500 million as the largest cornerstone investor in the PICC initial public offering. In connection with this investment, PICC Life and AIG agreed to form this joint venture agency distribution company. Products under consideration to be distributed by the joint venture company include jointly developed life and retirement insurance products, existing PICC life products, PICC Property & Casualty (P&C) insurance products, AIG P&C products, as well as other products aimed at meeting the needs of this developing market. AIG will own 24.9% of the distribution company, with PICC Life holding the remaining 75.1%. Board seats as well as management assignments will be based upon share holdings. AIG and PICC Life plan to commence operations of the joint venture by the first quarter of 2014. 

Company Quote

0.77 +1.40%
19 Dec 2014