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AIG, PICC Group and PICC Life Propose Joint Venture in China


American International Group, Inc. (“AIG”) (NYSE: AIG), The People's Insurance Company (Group) of China Limited (“PICC
Group”) and PICC Life Insurance Company Limited (“PICC Life”) entered
into a non-binding term sheet with respect to the proposed establishment
of a joint venture insurance agency company between AIG and PICC Life
(the “Joint Venture”) that plans to distribute life insurance and other
insurance products through a specialized agency force on a nationwide
basis with a focus on major cities in China and to engage in reinsurance
and other related business cooperation.

In addition, AIG has agreed to subscribe for approximately US$500
million worth of H shares of PICC Group in its initial public offering
in Hong Kong. AIG has

See full press release

Posted-In: News Guidance Contracts Global


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