AIG and PICC to form China joint venture
American International Group plans to form a joint venture with the People's Insurance Company of China that may put it in direct competition with its former pan-Asian insurance unit, MarketWatch reported.
The news comes as the US insurer said it will buy $500m worth of shares in PICC's potential $3.6bn IPO, making it the company's largest foreign shareholder.
The investment in PICC is a reversal for
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