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Legal & General Divests From U.S. Insurer AIG Over Climate Policies

The U.K. asset manager also plans to drop utility PPL, Chinese bank ICBC and Mengniu Dairy

AIG headquarters in New York.

AIG headquarters in New York.

Photographer: Michael Nagle/Bloomberg

Legal & General Investment Management will sell holdings in four companies including U.S insurer American International Group Inc. after deeming they’re making insufficient progress on addressing climate change risks.

The U.K. asset manager said in a statement on Tuesday it will also divest investments in Industrial & Commercial Bank of China Ltd., Pennsylvania-based utility PPL Corp. and China Mengniu Dairy Co. The companies either provided “unsatisfactory responses’’ to LGIM's climate questions or breached “‘red lines’ around coal involvement, carbon disclosures or deforestation,’’ it said.