AIG Board of Directors Authorizes Repurchase of Additional Shares of AIG Common Stock, Declares Increased Common Stock Dividend
February 11 2016 - 4:15PM
Business Wire
American International Group, Inc. (NYSE: AIG) today announced
the following actions taken by its Board of Directors:
- Authorized the repurchase of additional
shares of AIG Common Stock with an aggregate purchase price of up
to $5.0 billion. During 2015, AIG repurchased approximately $10.7
billion of shares of AIG Common Stock, pursuant to prior
authorizations from the Board of Directors. AIG made additional
repurchases of approximately $2.5 billion through February 11,
2016. AIG’s aggregate remaining share repurchase authorization,
inclusive of today’s announced $5.0 billion authorization, is
approximately $5.8 billion. Repurchases may be made from time to
time in the open market, private purchases, through forward,
derivative, accelerated repurchase or automatic repurchase
transactions, or otherwise.
- Declared a 14 percent increase in the
quarterly dividend to $0.32 per share on AIG Common Stock, par
value $2.50 per share. The dividend is payable on March
28, 2016, to stockholders of record at the close of business
on March 14, 2016.
“We are pleased to increase both our share repurchase
authorization by $5.0 billion, and our quarterly dividend to $0.32
per share from $0.28 per share,” said Douglas M. Steenland,
Chairman of the Board of Directors of AIG. “These actions are part
of our commitment to return $25 billion of capital to shareholders
over the next two years. AIG’s Board of Directors and management
team are fully aligned on the current strategy to create value for
all stakeholders.”
This dividend will result in an adjustment to the exercise price
of the outstanding warrants (CUSIP number 026874156) (the
“Warrants”) to purchase shares of AIG Common Stock and an
adjustment to the number of shares of AIG Common Stock receivable
upon Warrant exercise. The exact adjustments, determined by a
formula set forth in the Warrant Agreement, will become calculable
on or around March 9, 2016, the day prior to the ex-dividend date.
Once the adjustments are determined, AIG will announce the actual
adjustment to the Warrant exercise price and shares receivable.
Further information on the Warrants and the adjustments is
available in the Investors section of AIG’s website.
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 serving customers in more than 100 countries
and jurisdictions. AIG companies serve commercial, institutional,
and individual customers through one of the most extensive
worldwide property-casualty networks of any insurer. In addition,
AIG companies are leading providers of life insurance and
retirement services in the United States. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig
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 coverage is subject to 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: http://www.businesswire.com/news/home/20160211006435/en/
American International Group, Inc.Investors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorFernando Melon,
212-770-4630fernando.melon@aig.comorMedia:Jennifer Hendricks
Sullivan, 212-770-3141jennifer.sullivan@aig.com
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