AIG sells $1.25bn stake in PICC and falls to Q1 net loss

US giant AIG has sold another $1.25bn (£850m) worth of shares in Chinese property and casualty insurer PICC Property and Casualty.

The insurer is expected to close the sale of 740 million shares at HK$13.08 each to institutional investors on 5 May.

The sell off follows two PICC stock sales in March and December last year of $500m

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