|AIG ANNOUNCES LIFE INSURANCE COMPANY IN BULGARIA|
NEW YORK, August 18, 1999, - American International Group, Inc. (AIG) has announced that its subsidiary, American Life Insurance Company (ALICO), has received permission from the Republic of Bulgaria's National Insurance Council to operate a wholly owned life insurance company in Bulgaria. The new company, AIG Life (Bulgaria) Zivotozastrahovatelno Druzestvo AD (AIG Life Bulgaria), will market a full line of life and personal accident insurance products to individuals and groups through a career agency sales force as well as independent brokers. Matteos Artavanis, who was previously General Director of ALICO's First American Czech Insurance Company (AMCICO) in the Czech Republic, has been named General Manager of AIG Life Bulgaria, which will be based in Sofia.
R. Kendall Nottingham, AIG Executive Vice President, Life Insurance, said, "We are pleased to enter the life insurance market in Bulgaria. We see good opportunities here for the insurance products that ALICO has developed and marketed in a global network comprised of more than 50 countries. AIG was the first foreign insurance company to enter Bulgaria when AIG Bulgaria Insurance and Reinsurance Company was established in 1997. Through ALICO's joint venture stake in the Bulgaria Post Bank we have an opportunity to take advantage of an additional distribution channel and to further benefit from the many opportunities presented by this market."
American Life Insurance Company (ALICO), incorporated in Delaware, is one of the largest international life insurance companies in the world, with $200.7 billion of life insurance in force at December 31, 1998. ALICO holds Standard and Poor's highest insurer financial strength rating, AAA, as well as a Aaa insurance financial strength rating from Moody's Investor Service. ALICO and its branches, affiliates and subsidiaries market a broad range of life and other insurance products through a network of some 22,000 agents and brokers in approximately 50 countries worldwide.
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.