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NEW YORK, December 16, 1999 - American International Group, Inc. (AIG) has announced that it has received a license to operate a general insurance company in Sri Lanka.

The new company, Hayleys AIG Insurance Company Limited, is a joint venture with the Hayleys Group, Sri Lanka's largest diversified conglomerate. Hayleys AIG will underwrite a full range of consumer and commercial lines property-casualty insurance products.

Commenting on the announcement, Martin J. Sullivan, AIG Executive Vice President, Foreign General Insurance, said, "We believe that the market for insurance and financial services in Sri Lanka will present an opportunity for growth as Sri Lanka plays an increasingly important role in the South Asian regional economy. Hayleys' local knowledge and brand recognition, combined with AIG's insurance expertise and global network, positions the company to provide the Sri Lankan market with a broad mix of insurance products and services for both individuals and businesses."

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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.

Founded in 1878, Hayleys is a Sri Lankan quoted company with businesses focused on coir, rubber, environmental, agriculture, transportation, inland marketing, textiles and leisure. Hayleys is a multinational with offices in Japan, the United States, the United Kingdom, Australia, Bangladesh and Holland and a production base in Thailand. Hayleys has over 12 international investment partners in Sri Lankan projects, and customers, distributors and suppliers in over 30 countries.