|SUNAMERICA MERGER INTO AIG WILL BE EFFECTIVE JANUARY 1, 1999; BROAD AND WINTROB TO BE ELECTED TO AIG BOARD OF DIRECTORS|
NEW YORK, December 30, 1998 - American International Group, Inc. (AIG) has announced that the merger of SunAmerica Inc. into AIG will become effective on January 1, 1999. |
In addition, AIG Chairman M.R. Greenberg announced that SunAmerica Chairman and Chief Executive Officer Eli Broad and SunAmerica Vice Chairman and Chief Operating Officer Jay S. Wintrob will be elected to the AIG Board of Directors.
Commenting on today's announcement, Mr. Greenberg said, "We are pleased to be completing the merger of SunAmerica into AIG, and to welcome Eli Broad and Jay Wintrob to our Board of Directors. SunAmerica is a leading provider of retirement savings and asset accumulation products. This adds a major business for AIG in domestic markets, and we also look forward to expanding SunAmerica's business internationally utilizing AIG's global network. Retirement savings is a global need, and the addition of SunAmerica positions AIG to be a leading provider of such products worldwide."
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.