AIG Announces $500 Million Accelerated Share Repurchase
February 25 2020 - 5:45AM
Business Wire
American International Group, Inc. (NYSE: AIG) today announced
it has entered into an accelerated share repurchase (“ASR”)
agreement with Citibank, N.A. to repurchase $500 million of AIG’s
common stock. The ASR is part of AIG’s existing share repurchase
authorization of $2 billion previously announced on February 13,
2019.
Brian Duperreault, AIG’s Chief Executive Officer, commented: “We
remain committed to delivering long-term sustainable value to all
of our stakeholders. While AIG 200, investing in our businesses and
reducing leverage are key components of our capital management
strategy, we continue to be mindful of the importance of deploying
capital through a balanced approach that also includes returning
capital to investors. As a result, in addition to our recently
announced redemption of $350 million of 4.35% Callable Notes Due
2045, we are proceeding with this $500 million share buyback.”
Under the ASR agreement, AIG will receive initial delivery of
approximately 7.66 million shares on February 25, 2020,
representing approximately 70% of the number of shares of common
stock initially underlying the ASR agreement based on the closing
price of AIG’s common stock of $45.70 on February 24, 2020. The
total number of shares to be repurchased will be based on the
volume-weighted average price of AIG’s common stock during the term
of the transaction, less a discount, and subject to potential
adjustments pursuant to the terms and conditions of the ASR
agreement. The final settlement of the transaction under the ASR
agreement is expected to be completed no later than March 31,
2020.
Certain statements in this press release constitute
forward-looking statements. These statements are not historical
facts but instead represent only AIG’s belief regarding future
events, many of which, by their nature, are inherently uncertain
and outside AIG’s control. It is possible that actual results will
differ, possibly materially, from the anticipated results indicated
in these statements. Factors that could cause actual results to
differ, possibly materially, from those in the forward-looking
statements are discussed throughout AIG’s periodic filings with the
SEC pursuant to the Securities Exchange Act of 1934.
American International Group, Inc. (AIG) is a leading global
insurance organization. AIG member companies provide a wide range
of property casualty insurance, life insurance, retirement
solutions, and other financial services to customers in more than
80 countries and jurisdictions. These diverse offerings include
products and services that help businesses and individuals protect
their assets, manage risks and provide for retirement security. AIG
common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance
www.twitter.com/AIGinsurance | LinkedIn:
www.linkedin.com/company/aig. These references with additional
information about AIG have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries and jurisdictions, and coverage is subject to
underwriting requirements and actual policy language. Non-insurance
products and services may be provided by independent third parties.
Certain property-casualty coverages may be provided by a surplus
lines insurer. Surplus lines insurers do not generally participate
in state guaranty funds, and insureds are therefore not protected
by such funds.
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version on businesswire.com: https://www.businesswire.com/news/home/20200225005290/en/
Sabra Purtill (Investors): 212-770-7074; sabra.purtill@aig.com
Daniel O’Donnell (Media): 212-770-3141; daniel.odonnell@aig.com
Claire Talcott (Media): 212-458-6343; claire.talcott@aig.com
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