AIG Board of Directors Authorizes Repurchase of Additional Shares of AIG Common Stock, Declares Common Stock Dividend
August 02 2016 - 4:17PM
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 $3.0 billion. During the six-month period ended June 30, 2016,
AIG repurchased approximately $6.2 billion of AIG Common Stock and
$263 million in warrants to purchase shares of AIG Common Stock
(the “Warrants”), pursuant to prior authorizations from the Board
of Directors. AIG repurchased an additional approximately $698
million of AIG Common Stock through August 2, 2016. AIG’s aggregate
remaining share repurchase authorization, inclusive of today’s
announced $3.0 billion authorization, is approximately $4.0
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
(including through the purchase of warrants).
- Declared a quarterly dividend of $0.32
per share on AIG Common Stock, par value $2.50 per share. The
dividend is payable on September 29, 2016, to stockholders of
record at the close of business on September 15, 2016.
“We are pleased to increase AIG’s share repurchase authorization
by $3.0 billion and declare a quarterly dividend,” said Douglas M.
Steenland, Chairman of the Board of Directors of AIG. “AIG made a
commitment to return $25 billion of capital to shareholders over
2016 and 2017, and has returned $7.9 billion through August 2nd,
2016 (including share and warrant repurchases, and dividends paid).
This quarter’s capital actions demonstrate that AIG Management and
the Board continue to be focused on achieving the company’s
strategic objectives.”
This dividend will result in an adjustment to the exercise price
of the outstanding Warrants (CUSIP number 026874156) 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 September 12, 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 Investor Relations 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. Founded in 1919, today we provide a wide
range of property casualty insurance, life insurance, retirement
products, mortgage insurance and other financial services to
customers in more than 100 countries and jurisdictions. Our 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 and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance | LinkedIn:
http://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 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/20160802006762/en/
American International Group, Inc.Liz Werner (Investors),
212-770-7074elizabeth.werner@aig.comorFernando Melon (Investors),
212-770-4630fernando.melon@aig.comorJennifer Hendricks Sullivan
(Media), 212-770-3141jennifer.sullivan@aig.com
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