(Bloomberg) -- American International Group Inc., the insurerbeing pressured by activist investor Carl Icahn to boost returns,is seeking $750 million by selling shares in PICC Property &Casualty Co. after the Chinese company’s stock rebounded.

AIG is offering 355 million to 361 million shares of China’slargest non-life insurer at HK$16.08 to HK$16.38 apiece, accordingto terms for the deal obtained by Bloomberg. That compares with theclosing price of HK$17.12 Monday for PICC, which rallied about 20%from this year’s low in September. New York-based AIG can’t sellany of its remaining PICC stake for 90 days, according to theterms.

Related: AIG posts loss, eliminates jobs as Icahn calls forbreakup

The U.S. company has been scaling back its investment in theChinese insurer recently after agreeing in 2003 to take a 9.9%stake. Chief Executive Officer Peter Hancock raised about $500million in March by selling 256 million shares for HK$15.15 apiece.He also exited a stake in plane-leasing company AerCap Holdings NVand has reduced holdings of Springleaf Holdings Inc. to helpsimplify the business and generate funds for share repurchases.

The PICC investment had “appreciated to a great extent, and wewanted to take some money off the table and diversify a bit,” AIGChief Financial Officer David Herzog said in September.

AIG had more than 1.2 billion shares as of Sept. 30, accordingto a supplemental filing by the company. The stock portfolio hasfueled volatility in AIG’s results, including a third-quarter lossannounced days after Icahn called for a breakup of the company.

Hancock has an option to sell another $250 million of PICCshares on strong demand, the terms show. Goldman Sachs Group Inc.is among banks arranging the sale.

--With assistance from Katherine Chiglinsky.

Related: Icahn proposes AIG shakeup, says CEO unwilling tobe bold

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