On May 30, American International Group Inc. formed a joint venture with People’s Insurance Co. (Group) of China and PICC Life Insurance Co. Ltd., China’s largest insurance company, to sell life insurance in China. PICC Life and AIG will form a joint-venture agency distribution company, and they are considering selling life and retirement insurance, existing PICC life products, and property and casualty insurance. AIG will own 24.9 percent of the company, and PICC Life will own the rest. Operations are expected to begin by the first quarter of 2014. This investment is part of an agreement made when AIG invested $500 million in PICC Life’s initial public offering in December 2012.