|Restructuring of AIG Businesses in Japan|
Tokyo, July 16, 2013 - AIG Japan Holdings KK and its wholly owned subsidiaries, AIU (AIU Insurance Company, Ltd.) and FFM (The Fuji Fire and Marine Insurance Company, Ltd.) announced today that that they will begin preparations for the business integration of AIU and FFM. The companies are planning for a merger of these two entities to take place in the latter half of 2015 or later subject to regulatory approvals.
This decision was the result of extensive in-depth analysis of the companies’ growth strategies and effort to realize synergies for the future led by AIG Japan Holdings. The Board of Directors at each of AIU and FFM agreed to proceed with planning for a merger. Through further integration, the combined strengths and business resources of both companies will provide the most benefits to all of their stakeholders including customers, agents, business partners and employees.
Once the companies are fully integrated, the joint effort will focus on a strategic and sustainable growth plan for the country within the context of the insurance industry strengthening environment. AIG in Japan aims to meet the customers’ and partners’ needs and provide products and services which will target higher levels of customer satisfaction. The integrated company will combine the expertise and experience that AIU has developed from 67 years of operating as a foreign-capitalized general insurer with the rich experience of FFM’s 95 years in the Japanese market and its nationwide network and human resources.
Additionally, the new company will aim to provide advanced risk management solutions to the Japanese market, an area in which AIG, the largest commercial general insurance provider in the U.S. market, has excelled. The new company is expected to develop an improved business infrastructure that will enable the company to provide improved services and achieve greater management efficiency.
Effective today, AIG Japan Holdings, AIU and FFM has co-established an “Integration Management Committee” that will develop the execution plan targeting implementation of the merger of AIU and FFM in the latter half of 2015 or later, subject to regulatory approvals. AIU and FFM will provide updates on the progress of this effort through
Overview on AIU and FFM
*As of March 31, 2013 or end of FY2012
About AIG and AIG Japan Holdings
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG Japan Holdings overseas AIG’s Japan operation and provides business management services as the
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