|AMERICAN LIFE INSURANCE COMPANY SUBSIDIARY IN ROMANIA RECEIVES AUTHORIZATION TO OPERATE AS A MANDATORY PRIVATE PENSION FUND ADMINISTRATOR|
|NEW YORK, Aug 27, 2007 -- AIG Fond de Pensii SA has received a license from the Romanian
Commission for the Supervision of the Private Pension System, or
C.S.S.P.P., to operate as a private pension fund administrator,
managing the private pension contributions of eligible workers in
Romania's new mandatory private pension system. AIG Fond de Pensii is
majority-owned by AIG Life Asigurari Romania SA, a subsidiary of
American Life Insurance Company (ALICO). ALICO is a member company of
American International Group, Inc. (AIG).
ALICO President and Chief Operating Officer Joyce A. Phillips said, "We are pleased that the Romanian Commission authorized AIG Fond de Pensii SA as one of the mandatory private pension administrators. We will begin enrolling pension contributors on September 17th, the official starting date for the mandatory pension system. Experienced in markets throughout the world, ALICO is well positioned to contribute positively to economic growth and development in Romania and support the fulfillment of employees' retirement savings needs."
Ms. Phillips noted that ALICO has provided innovative life insurance products in Romania for nearly ten years; and AIG Romania Insurance Company S.A., AIG's property-casualty insurance company, has provided for the general insurance needs of Romanian individuals and commercial enterprises since 1994.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris, Switzerland and Tokyo.
American Life Insurance Company (ALICO), incorporated in Delaware in 1921, is one of the largest international life insurance companies in the world, with more than US$294 billion of life insurance in force as of December 31, 2006. ALICO's branches and subsidiaries market a wide range of life and health insurance products. These products include traditional life insurance, variable universal life insurance, credit life insurance, supplemental medical and personal accident products, health and hospitalization insurance, group life, pensions and annuities, through a network of some 35,000 agents. ALICO conducts business globally in Japan, Europe, the Middle East, South Asia, Latin America, and the Caribbean in more than 55 countries.
SOURCE: American International Group, Inc.
American International Group, Inc.