NEW YORK--(BUSINESS WIRE)--Aug. 26, 2013--
American International Group, Inc. (NYSE:AIG) today announced that it
has agreed to the consensual termination of an interest rate swap
agreement with Brookfield Asset Management, Inc., in exchange for the
payment from Brookfield to AIG of $905 million.
This swap agreement was part of the remaining derivatives portfolio of
AIG Financial Products ("AIGFP") and carried on AIG’s June 30, 2013
balance sheet at $900 million, and the settlement is not expected to
have an impact on AIG’s profit or loss. This swap agreement was subject
to previously disclosed litigation which the parties have agreed to
dismiss. Additional information regarding this litigation was contained
in AIG’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2013. The proceeds of the settlement are expected to contribute towards
the continued wind down of the remaining derivatives portfolio of AIGFP,
which is a part of Global Capital Markets.
Certain statements in this press release constitute forward-looking
statements. These statements are not historical facts but instead
represent only AIG’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside AIG’s control. It is
possible that actual results will differ, possibly materially, from the
anticipated results indicated in these statements. Factors that could
cause actual results to differ, possibly materially, from those in the
forward-looking statements are discussed throughout AIG’s periodic
filings with the SEC pursuant to the Securities Exchange Act of 1934.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries. 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.
Additional information about AIG can be found at www.aig.com
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AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
Source: American International Group, Inc.
American International Group, Inc.