AIG is in talks with China’s PICC Group over a potential joint venture to sell life and other insurance products across the country as the US company looks to increase its exposure to growth markets.
The US group’s main business, Chartis, is a property and casualty insurer that is concentrated on US and European markets where growth opportunities are limited.
AIG, which is also investing $500m in the Hong Kong listing of PICC, said it had signed a non-binding proposal to establish a joint venture, with discussions to last for up to six months.
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