|AIG RECEIVES LIFE INSURANCE LICENSE IN VIETNAM|
|NEW YORK, March 13, 2000 - American International Group, Inc. (AIG) has announced that its Southeast Asian life insurance subsidiary, American International Assurance Company (Bermuda) Limited (AIA), has received a license from the government of Vietnam to operate a wholly owned life insurance company in Vietnam. This is the first insurance license granted by Vietnam to a U.S.-based insurance organization.|
The license permits AIA to operate a life insurance company throughout Vietnam. The name of the company is American International Assurance Co. (Vietnam) Limited (AIA Vietnam). AIA Vietnam is now in the process of establishing office facilities in both Hanoi and Ho Chi Minh City. Initial staff has been hired and AIA Vietnam expects to begin operations as soon as all regulatory approvals are in place.
Commenting on the Vietnam license, AIG Chairman M.R. Greenberg said, "We are very pleased that the Ministry of Finance of Vietnam has granted AIA's life license, marking our return to operating in Vietnam after 25 years. Life insurance is key to the process of nationbuilding, mobilizing domestic savings for investment in the local economy. AIA's long experience in developing the life insurance markets of Southeast Asia will enable us to move rapidly to establish our operations and provide insurance products and employment opportunities for the people of Vietnam.”
AIG is the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial lines insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services and investment management 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.