AIG's Hancock Raises $751.8 Million Selling PICC P&C Shares

  • AIG sells 361 million shares of Chinese insurer, retains stake
  • CEO Hancock says AIG seeks to enhance financial flexibilty

American International Group Inc., the insurer being pressured by activist investor Carl Icahn to boost returns, raised more than $750 million by selling shares in PICC Property & Casualty Co. after the Chinese company’s stock rebounded.

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