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US insurer ended 13 years of stock ownership in PICC’s property and casualty arm by executing its fourth block sale on Saturday.

The US insurance giant executed its third selldown in the non-life insurance arm of PICC in Asia's largest block trade so far this year.

The US insurer sold some 250 million shares in the accelerated offering, raising $500 million in the process.

Sources say the $290 million offering is multiple times covered including excess applications, helped by a generous discount to the latest market price.

A simultaneous A-share rights offering will be bought by controlling shareholder PICC Group, bringing the total capital raising to $935 million.

The deal attracts massive demand and prices at a tight 4.3% discount, which results in a higher price per share than on AIG’s other two sell-downs in the pan-Asian life insurer this year.

AIG has agreed to sell 80.1% of ILFC, its aircraft leasing business, to a group of Chinese investors led by New China Trust.

The deal comes just ahead of the expiry of AIG’s latest lockup and gets a strong response from investors.

The Korean power producer sells a 5% block in Kepco Plant Service & Engine on a day when global investors are focused on the US government’s sell-down in AIG.