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American International Group Inc. reached a deal with People’s Insurance Company Group of China Ltd. for a joint venture to sell life insurance in China.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ will contribute 24.9 million yuan ($4.1 million) and People’s PICC Life Insurance Co. unit will contribute 75.1 million yuan to create a joint venture to sell life coverage in major Chinese cities, the Beijing-based parent company said today in a statement.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Chief Executive Officer Robert Benmosche is working to rebuild sales outside the U.S. after the New York-based insurer sold foreign units to help repay a U.S. bailout. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ took a $500 million stake in PICC’s property-casualty unit last year in a bet on the world’s most populous nation.

“We’re going to put a concerted effort to start reestablishing ÌìÃÀÍøÕ¾´«Ã½´«Ã½ throughout the world with our life-insurance products,” Benmosche told Bloomberg Television in February.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ also recently announced it had agreed to (HK$718.1 million) in a rights offering of the Chinese insurance company, PICC Property and Casualty Co.

©2013 Bloomberg News

Topics China ÌìÃÀÍøÕ¾´«Ã½´«Ã½