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AIG sells stake in PICC Property & Casualty

sold 740 million ofits shares in PICC Property &Casualty Co. Ltd. at HK$13.08 per share for a total of US$1.25billion, Bloomberg News reported May 1, citing terms for the deal.

AIGearlier offered the shares at HK$13.06 per share to HK$13.35 per share,according to the report. AIG had owned approximately 851 million PICC Property& Casualty shares at the end of December 2015. AIG's stake wassold at a 7.9% discount on the stock's April 29 closing price, Bloomberg noted.

MorganStanley arranged the offering along with other banks, the news outlet said.

PICCProperty & Casualty is part of People's Insurance Co. (Group) of China Ltd.