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AIG SUBSIDIARY IN AGREEMENT TO PURCHASE ARGENTINE LIFE INSURER

AIG SUBSIDIARY IN AGREEMENT TO PURCHASE ARGENTINE LIFE INSURER

NEW YORK, April 25, 2001 - American International Group, Inc. (AIG) has announced that its subsidiary American Life Insurance Company (ALICO) has entered into an agreement to purchase Aetna Vida S.A., a wholly owned subsidiary of ING Americas. The purchase is subject to Argentine regulatory approval and other standard closing conditions.
"As Latin American countries prosper, and the middle class grows, the need for life insurance has become that much more important. AIG has had a long history in the Argentine market and is confident in the country's future prospects. The acquisition of Aetna Vida will strengthen our presence in Argentina's life insurance market and enable ALICO to take advantage of the many growth opportunities we see in Argentina," said R. Kendall Nottingham, AIG Executive Vice President, Life Insurance and ALICO Chairman.

ALICO currently operates in Argentina through ALICO Compañía de Seguros S.A. AIG's presence in Argentina also includes its general insurance operations, La Meridional Compañía Argentina de Seguros S.A. and American Home Assurance Company, and its consumer finance operation, Compañía Financiera Argentina S.A.

American Life Insurance Company (ALICO), incorporated in Delaware, is one of the largest international life insurance companies in the world, operating in over 50 countries encompassing Japan, Europe, Latin America, the Middle East, Africa, South Asia and the Caribbean. Through a network of approximately 26,000 licensed agents and brokers, ALICO's branches and subsidiaries market an extensive range of life and health products, including traditional life, accident and health, group insurance for large and small organizations, pensions and annuities. ALICO holds the highest financial strength ratings from both of the principal rating services, Moody's (Aaa) and Standard & Poor's (AAA).

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.