|AIG'S AMERICAN LIFE INSURANCE COMPANY WINS LICENSE TO OPERATE A RETAIL LIFE INSURANCE BUSINESS IN QATAR|
AIG Member Company Becomes First Life Insurer to Be Granted Expanded Qatar Financial Centre License
NEW YORK--Dec. 6, 2007--American Life Insurance Company (ALICO), a member company of American International Group, Inc. (AIG), announced today that it has been granted a license by the Qatar Financial Centre (QFC) Regulatory Authority to operate a retail life insurance business in the Qatar Financial Centre. ALICO is the first life insurance company to receive an expanded license, which is in addition to a wholesale life insurance license first obtained in February 2007.
"We are pleased to have been granted this expanded license by the QFC Regulatory Authority," said Joyce A. Phillips, ALICO President and Chief Operating Officer. "The regulatory approval allows ALICO the opportunity to expand its wholesale and retail life insurance services that are offered through the vibrant financial hub currently at the heart of Qatar's dynamic economic growth."
ALICO has been operating in the Middle East since 1952, has regional offices in the Dubai International Financial Center and maintains a leading presence in 14 territories across the region.
"ALICO has a long-standing presence in the region, and we currently operate in all countries within the Gulf Cooperation Council," said Patrick Choffel, Regional President for ALICO's Middle East, Africa and South Asia Region. "We've been actively contributing to the economy of Qatar for more than 30 years and we look forward to expanding our operations as a result of this extension."
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.
Alya Kalinian, (971) 4-3600547