|AIG JOINT VENTURE LIFE INSURANCE COMPANY IN INDIA RECEIVES LICENSE|
AIG JOINT VENTURE LIFE INSURANCE COMPANY IN INDIA RECEIVES LICENSE
NEW YORK, February 12, 2001 - American International Group, Inc. (AIG) has
announced that its joint venture life insurance company in India, Tata AIG Life
Insurance Company Ltd. (Tata AIG Life), has received a life insurance license
from the Indian Insurance Regulatory and Development Authority.
Commenting on the granting of the life insurance license, AIG Chairman M.R. Greenberg said, "This new life license for Tata AIG Life is an important step in building our insurance business in India, a potentially significant market for life insurance. AIG has been in the life business for nearly 80 years, and we have unmatched experience in developing the life insurance industry in emerging markets, particularly in Asia. We are excited about the opportunities this new license offers and look forward to working with our partners, The Tata Group, to build a successful life insurance business in India."
Tata Sons Chairman, Ratan Tata, said, "The life insurance sector in India promises to be extremely exciting and is poised for tremendous growth in the years to come. Tatas look forward to being a part of this process. Our partnership with AIG, a global leader in insurance and financial services, will ensure that we bring to Indian consumers products marked by global best practices."
Tata AIG General Insurance Ltd., a joint venture general insurance company, was licensed by the Indian authorities in January.
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.
The Tata Group is the most respected industrial conglomerate in India, with revenues of more than US $8 billion. The Group has long been a market leader in steel, commercial vehicles, electric power generation in the private sector, and computer software. In recent times it has promoted several new ventures in key areas such as financial services, telecommunications, information technology, auto components, oil field services and process management systems.