New York-based insurer American International Group, Inc. (NYSE: AIG) has announced the completion of an offering of approximately 234.2m shares of AIG common stock by the US Department of the Treasury (Treasury).
According to AIG, Treasury received proceeds of approximately USD 7.6bn from the sale. The sale of these shares the last of Treasury’s remaining shares of AIG marks thefull resolution of America’s financial support of AIG.
Since September 2008, America committed a total of USD 182.3bn in connection with stabilizing AIG during the financial crisis.
Since then, through asset sales and other actions by AIG, theFederal Reserve, and Treasury, America recovered its USD 182.3bn plus a combined positive return of USD 22.7bn.
Beginning in May 2011, Treasury successfully sold approximately 1.7bn shares of AIG common stock in six public offerings for total proceeds of approximately USD 51bn, including approximately USD 13bn purchased by AIG.
Treasury continues to hold warrants to purchase approximately 2.7m shares of AIG common stock the sale of which is expected to provide an additional positive return to taxpayers.