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NEW YORK, December 1, 2000 - American International Group, Inc. (AIG) has announced that Donald P. Kanak, who is currently President and Chief Operating Officer of AIG Companies in Japan and Korea, has been named President and Chief Executive Officer of those companies, effective January 1, 2001. He succeeds Ronald J. Anderson as Chief Executive Officer; Mr. Anderson remains Chairman of AIG Companies in Japan and Korea.

Mr. Kanak joined AIG in 1992 as Regional Vice President for Japan and Korea, responsible for life insurance, later assuming responsibility for direct response. Previously, he had been President and CEO of Equitable Life Insurance (Japan), Ltd. He was named to his current position in 1995, and was elected a Vice President of AIG in 1999.

Mr. Anderson joined AIG in Hong Kong in 1983 as Regional Vice President for Southeast Asia of American International Underwriters (AIU), AIG's overseas property-casualty insurance organization. He later served in New York as President of AIU's Asia Pacific Divisions and as AIU Senior Vice President, External Affairs. He moved to Tokyo as President and CEO of AIG Companies in Japan and Korea in 1994 and became Chairman the following year. Mr. Anderson was elected AIG Senior Vice President, Foreign General Insurance in 1995.

Commenting on the announcement, AIG Chairman M.R. Greenberg said, "This transition of management in our Japanese and Korean operations has been planned for some time. Don Kanak has proved himself to be an outstanding executive who has overseen significant growth in our general and life insurance operations in Japan, as well as our expanding activities in Korea, for a number of years. He has also played a key role in representing AIG's interests with the Japanese authorities on a number of important issues. Don is ideally suited to assume overall management responsibility for our businesses in these two markets as CEO.

"Ron Anderson has provided strong leadership to these businesses and overseen significant growth and expansion of AIG's activities in both markets, and I am pleased that Ron will be continuing in Tokyo as Chairman. We have great management depth in Japan, which is AIG's largest overseas insurance operation. Our executive ranks, professional staff and thousands of life and general insurance agents nationwide position AIG for strong growth in the Japanese insurance and financial services markets in the future."

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AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. 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.