AIG与中国人保集团商谈成立合资企业

AIG is in talks with China’s PICC Group over a potential joint venture to sell life and other insurance products across the country as the US company looks to increase its exposure to growth markets.

美国国际集团(AIG)正与中国人民保险集团公司（PICC Group，简称：中国人保）就成立合资企业事宜进行会谈。AIG希望通过该合资企业在中国销售人寿保险和其他保险产品，扩大自身在成长型市场的业务。

The US group’s main business, Chartis, is a property and casualty insurer that is concentrated on US and European markets where growth opportunities are limited.

AIG旗下的主要公司Chartis是一家经营财产险和意外险的保险公司，其业务主要集中在美国和欧洲市场，增长空间有限。

AIG, which is also investing $500m in the Hong Kong listing of PICC, said it had signed a non-binding proposal to establish a joint venture, with discussions to last for up to six months.

AIG表示，已与中国人保就成立合资企业事宜签署了一项非约束性方案，后续磋商最晚将在六个月后完成。AIG还将在中国人保于香港举行的首次公开发行(IPO)中认购后者5亿美元股份。

If no agreement is reached by May 31, AIG is free to sell its cornerstone stake in PICC. If a deal is struck, which would include agreements on re-insurance and other co-

如果双方未能在2013年5月31日前达成协议，AIG可自由出售其在中国人保持有的基石投资者股份。如果双方达成协议——其中将包括关于再保险及其他合作的协议——则未经中国人保同意，AIG在五年之内对所持中国人保股份的减持幅度不得超过25%。

operation, AIG would not sell more than 25 per cent of its PICC holding without the Chinese company’s consent for five years.

AIG将旗下的一般保险业务改名为Chartis，意在重振自身声誉。在2010年金融危机最严峻时期，AIG曾令人震惊地走到倒闭边缘，被迫接受美国政府提供的1800亿美元纾困，纾困金额创下了世界纪录。

AIG renamed its general insurance business Chartis in an attempt to restore its reputation after the group’s spectacular near-collapse at the height of the financial crisis in 2010, which led to it receiving a world-record $180bn bailout from the US government.

Chartis 2011年的年报显示，目前该公司50%的业务来自美国市场，17%的业务来自欧洲市常这意味着，该公司有逾三分之二的业务位于成熟、低增长的市常

Chartis gets 50 per cent of its business from the US and a further 17 per cent from Europe, according to its 2011 annual report, meaning more than two-thirds of its operations are in mature, low-growth markets.

一般保险业务的经营状况与宏观经济形势密切相关，因为当企业活动萎缩时，其购买的保险数量也会随之缩减。因此，经济产出停滞不前或者下滑，会对Chartis这样的保险公司产生直接影响。

General insurance as a business is highly correlated with wider economic conditions because when activity at companies declines they buy less insurance, so static or declining gross domestic product has a direct impact on a group such as Chartis.

AIG持有在香港上市的中国人民财产保险股份有限公司(PICC Property and Casualty) 9.9%的股份，该公司是中国人保旗下经营一般保险业务的公司。此外，AIG目前仍持有泛亚洲寿险公司友邦保险(AIA) 14%的股份，后者在2010年于港交所(HHEx)上市之前曾是AIG的全资子公司。

AIG owns 9.9 per cent of PICC Property and Casualty, the Hong Kong-listed general insurance subsidiary of PICC Group. It also still holds 14 per cent of AIA, the pan-Asia life insurer that it used to own outright until the company listed on the Hong Kong stock exchange in 2010.

按保费金额计算，中国人保是中国最大的一般保险公司以及第五大人寿保险公司。该集团计划于近期在港上市融资36亿美元，17家基石投资者总计将认购价值达18.5亿美元的股份。

PICC Group, which is China’s biggest general insurer and fifth-biggest life insurer by premiums, has 17 cornerstone investors in total taking $1.85bn worth of stock in its planned $3.6bn listing.

AIG是其中认购股份最多的基石投资者，紧随其后的国家电网(State Grid)，后者已承诺认购中国人保价值3亿美元的股份。其他基石投资者大多为中资企业，包括中国出口信用保险公司(Sinosure)以及中国人保的竞争对手中国人寿(China Life)——这两家公司的认购额均为1亿美元。

AIG is the largest investor followed by State Grid, the Chinese electricity network, which has pledged to buy $300m of stock. Most of the other cornerstones are Chinese companies, including export and credit insurer Sinosure and rival life company China Life, each of which is investing $100m.

认购中国人保股份的其他保险公司包括：中国再保险集团(China Reinsurance)、法国再保险公司(SCOR)、日本保险公司“东京海上(Tokio Marine)、以及Russian Insurance。

Other insurance companies investing in the deal include China Reinsurance, French reinsurer Scor, Tokio Marineof Japan and Russian Insurance.