AIG Announces Completion of the U.S. Treasury's $7.6 Billion Offering of AIG Common Stock
American International Group, Inc. (NYSE: AIG) announced today the completion of an offering of approximately 234.2 million shares of AIG common stock by the U.S. Department of the Treasury (Treasury). Treasury received proceeds of approximately $7.6 billion from the sale. The sale of these shares – the last of Treasury's remaining shares of AIG – marks the full resolution of America's financial support of AIG.
“Today officially begins a new chapter at AIG,” said AIG President and Chief Executive Officer Robert H. Benmosche. “We are proud to make America whole on its investment in AIG plus a substantial profit and grateful for the opportunity. Thank you America. Let's bring on tomorrow.”
Since September 2008, America committed a total of $182.3 billion in connection with stabilizing AIG during the financial crisis. Since then, through asset sales and other actions by AIG, the Federal Reserve, and Treasury, America recovered its $182.3 billion plus a combined positive return of $22.7 billion. Beginning in May 2011, Treasury successfully sold approximately 1.7 billion shares of AIG common stock in six public offerings for total proceeds of approximately $51 billion, including approximately $13 billion purchased by AIG. Treasury continues to hold warrants to purchase approximately 2.7 million shares of AIG common stock – the sale of which is expected to provide an additional positive return to taxpayers.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.