American International Group (NYSE:AIG): Current price $46.16
On Thursday, Peoples Insurance Company (Group) of China and PICC Life Insurance Company Limited announced that they have formed a joint venture agreement to set up an agency distribution company in China. In December, AIG invested $500 million as the biggest cornerstone investor in the PICC initial public offering. Linked with this investment, PICC Life and AIG created this joint venture agency distribution company. Products that might be distributed by the joint venture include jointly developed life and retirement insurance products, ongoing PICC life products, PICC Property & Casualty insurance products, AIG P&C products, along with other products targeted at meeting the needs of this developing market. AIG will hold 24.9 percent of the distribution company, with PICC Life holding the remaining 75.1 percent.
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