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AIG owned about 851 million shares in Beijing-based PICC P&C at the end of December. (Photo: Shutterstock)

(Bloomberg) – American International Group Inc. raised $1.25 billion selling shares of Chinese insurer PICC Property & Casualty Co. near the low end of a marketed range.

The largest commercial insurer in the U.S. and Canada sold 740 million shares of PICC P&C at HK$13.08 apiece, after earlier offering them at HK$13.06 to HK$13.35, according to terms for the deal obtained by Bloomberg. The price represents a 7.9% discount to the stock’s last close.

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