Arab Today, arab today aig in joint venture with chinese insurer
Last Updated : GMT 10:43:16
Arab Today, arab today
Arab Today, arab today

AIG in joint venture with Chinese insurer

Arab Today, arab today

Arab Today, arab today AIG in joint venture with Chinese insurer

Hong Kong - AFP

US insurance giant AIG said Thursday it would form a joint venture with Chinese insurer PICC and invest $500 million in its Hong Kong share sale next month, as the firm boosts its presence in China. American International Group, which traces its roots to an agency founded in Shanghai in 1919, plans to \"distribute life insurance and other insurance products\" with PICC in major Chinese cities, according to a company statement. The tie-up puts AIG in competition with its former Asian unit AIA, in which it owns about a 13.7 percent stake, as it tries to break into a market where domestic players dominate. AIG\'s multi-million dollar move represents one of its biggest investments in Asia since it was bailed out by the US government during the 2008-2009 financial crisis. In a statement announcing the bid, AIG promised it would not sell over 25 percent of the People\'s Insurance Company\'s shares in the next five years without the Chinese insurer\'s consent. PICC, parent of the nation\'s largest non-life insurer PICC Property and Casualty, is seeking to raise $3.6 billion from its initial public offering in Hong Kong next month, according to Dow Jones Newswires quoting a term sheet. The IPO, expected to be one of the world\'s biggest of its kind this year and the largest offering from a Chinese company since 2010, is scheduled for December 7, Dow Jones added. It could also mark a reversal from a stagnant IPO market in Hong Kong, the top such market for the past three years which has taken a hit after Chinese companies grew worried about slowing economic growth. Once the world\'s largest insurance company, AIG was rescued from bankruptcy by the Federal Reserve and the US Treasury with a record $182 billion bailout at the height of the financial crisis. AIG has sold off assets as it restructured itself back to a path of profitability, raising money to repay the rescue.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aig in joint venture with chinese insurer Arab Today, arab today aig in joint venture with chinese insurer

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aig in joint venture with chinese insurer Arab Today, arab today aig in joint venture with chinese insurer

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday