American International Group Inc, the New York-based insurer, announced on May 30 a joint venture insurance distribution company with PICC Life Insurance Co.

With a registered capital of 100 million yuan ($16.3 million), AIG took a 24.9 percent stake in the joint venture, with the remaining 75.1 percent stake going to PICC Life.

Peter Juhas, AIG’s global head of strategic planning, said that cooperation will be the starting point of the new partnership, and they will explore opportunities to further cooperation.

Wu Yan, chairman of PICC Group, said the partnership complements both companies. Given AIG’s global network covering more than 130 countries and regions, there are chances for more cooperation overseas in the future, Wu said.