American International Group (AIG) on Wednesday sold its holding of 1.1 billion Hong Kong-listed shares of China’s largest non-life insurer, exiting a six-year investment that barely broke even. AIG raised HK$3.8 billion ($484 million) from selling the stake in People’s Insurance Company of China (PICC), which accounts for 12.76% of state-owned PICC’s Hong Kong-listed equity, a transaction document seen by Caixin showed. The price represented a more than 5% discount to PICC’s Wednesday closing price.

AIG and PICC didn’t respond to Caixin’s questions about the deal. AIG bought the PICC stake at $500 million in 2012 as one of the cornerstone investors in. The investment has provided AIG an average less than 1% annual yield if dividends are included, Caixin calculation showed. In 2013, AIG and PICC set up a joint venture insurer in China in which PICC holds 75.1% and AIG owns the remainder. Related: Support independent journalism from China.

Customize this design with your photos and text. Thousands of stock photos and easy to use tools. Free downloads and high quality prints available. Shablon prajs lista dlya salona krasoti.

Retiring LivingWell leader offers a look back and look ahead with gratitude. However, with Chicago's record-breaking cold weather this season and its 80°.