Billionaire Carl Icahn appears to have cut his massive holding in American International Group Inc.

The giant insurer was absent from Icahn Enterprises LP’s list of its biggest investments, according to a presentation dated May 3. In a March 1 slide show, AIG had the highest market value of any of the company’s holdings, at US$2.56 billion as of Dec. 31, or 4.8 per cent of the common stock outstanding.

AIG shares fell 1.1 per cent to US$52.25 at 10:27 a.m. in New York.

Icahn had faulted the insurer in October 2015 for not meeting profitability targets, and he and hedge fund manager John Paulson pressured AIG to simplify the company. Last year Icahn eased off his demands for a breakup after AIG sold assets and brought on a new chief executive officer.

AIG reported first-quarter results last week that fell short of analysts’ estimates, and investors dumped the shares as they wait for more evidence of a turnaround.

An AIG spokesman declined to comment on Icahn’s holdings and a spokesperson for Icahn didn’t immediately respond to a request for comment. Forbes reported the cut in Icahn’s AIG stake earlier Monday.

In March, AIG said in a regulatory filing that a former executive at Icahn’s investment firm wouldn’t stand for re-election at AIG’s annual meeting.

--With assistance from Adam O. Manzor , Sonali Basak and Katherine Chiglinsky