(Bloomberg) -- American International Group Inc., the insurer being pressured by activist investor Carl Icahn to boost returns, is seeking $750 million by selling shares in PICC Property & Casualty Co. after the Chinese company’s stock rebounded.

AIG is offering 355 million to 361 million shares of China’s largest non-life insurer at HK$16.08 to HK$16.38 apiece, according to terms for the deal obtained by Bloomberg. That compares with the closing price of HK$17.12 Monday for PICC, which rallied about 20% from this year’s low in September. New York-based AIG can’t sell any of its remaining PICC stake for 90 days, according to the terms.

Related: AIG posts loss, eliminates jobs as Icahn calls for breakup

The U.S. company has been scaling back its investment in the Chinese insurer recently after agreeing in 2003 to take a 9.9% stake. Chief Executive Officer Peter Hancock raised about $500 million in March by selling 256 million shares for HK$15.15 apiece. He also exited a stake in plane-leasing company AerCap Holdings NV and has reduced holdings of Springleaf Holdings Inc. to help simplify the business and generate funds for share repurchases.

The PICC investment had “appreciated to a great extent, and we wanted to take some money off the table and diversify a bit,” AIG Chief Financial Officer David Herzog said in September.

AIG had more than 1.2 billion shares as of Sept. 30, according to a supplemental filing by the company. The stock portfolio has fueled volatility in AIG’s results, including a third-quarter loss announced days after Icahn called for a breakup of the company.

Hancock has an option to sell another $250 million of PICC shares on strong demand, the terms show. Goldman Sachs Group Inc. is among banks arranging the sale.

--With assistance from Katherine Chiglinsky.

Related: Icahn proposes AIG shakeup, says CEO unwilling to be bold

Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.