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(Reuters) - Billionaire investor Carl Icahn has sold his stake in U.S. insurer AIG (AIG.N), Forbes reported on Monday.

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FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo

With a 4.76 percent stake, Icahn was AIG’s third largest shareholder at the end of 2017, according to Thomson Reuters data.

The report said Icahn exited AIG when the company’s stock changed hands at a price between $60 and $65 — levels last seen in February. At $65 per AIG share, Icahn’s stake would have been worth $2.78 billion, according to Reuters’ calculations.

AIG’s shares fell nearly 1 percent to $52.30 on Monday morning.

When Icahn first began acquiring his stake in 2015, he advocated splitting AIG into three parts.

The insurer instead embarked on a two-year turnaround plan developed by former Chief Executive Officer Peter Hancock, intending to return $25 billion to shareholders.

Icahn Enterprises (IEP.O) did not immediately respond to a request for comment, while AIG declined comment.

Reporting by Parikshit Mishra in Bengaluru; Editing by Sai Sachin Ravikumar

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