<< Back
PDF Version

AIG Subsidiary Earns Right to Sell Variable Annuities and Develop a New Variable Annuity Product

NEW YORK, May 13, 2008 -- American International Group, Inc. (AIG) announced today that Japan Post Bank Co., Ltd., and Japan Post Network Co., Ltd., both subsidiaries of Japan Post Holdings Co., Ltd., have selected ALICO Japan, the Japanese branch of AIG's U.S.-based American Life Insurance Company (ALICO), as a provider of variable annuity products for their respective customers. This expanded relationship builds on a December 2007 announcement that ALICO Japan's life insurance products would be sold by Japan Post Insurance, Co., Ltd.

As part of the enhanced relationship, ALICO Japan has also been selected to develop a variable annuity product with a flexible premium payment function designed to suit the needs of Japan Post Bank and Japan Post Network customers. The new product will be sold, starting this month, through the first registered offices in Japan Post Bank's 234 branch offices and Japan Post Network's 24,600 offices.

"We are very pleased to expand our relationship with Japan Post Group," said Robert W. Clyde, Chairman, President and Chief Executive Officer of AIG Companies, Japan and Korea. "Adding our variable annuity products to the array of Japan Post offerings speaks to the success we've collectively achieved thus far, and we look forward to working together for years to come."

With 186 trillion yen in assets, Japan Post Bank Co., Ltd., is the largest bank in Japan.

"Through our comprehensive annuity expertise, we hope to provide the service and expertise that will enable Japan Post Group to address their customers' greatest concerns--not having sufficient retirement income and providing financially for loved ones at a time of loss," added Clyde.

American International Group, Inc. (AIG), a world leader 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 Ireland 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.

American International Group, Inc.
New York:
Michael Arcaro, 212-770-7684

Hiroo Tanabe, 81-3-5619-3230