|AIG ANNOUNCES LIFE INSURANCE COMPANY IN ROMANIA|
NEW YORK, January 28, 1999 - American International Group, Inc. (AIG) has announced that its subsidiary, American Life Insurance Company (ALICO), has received authorization from the Ministry of Finance to operate a life insurance company in Romania.
The new company, to be known as AIG Life Asigurari Romania SA (AIG Life Romania), is based in Bucharest and will initially provide ordinary life and accident and health insurance products to individuals through a career agency sales force and independent brokers. Martin Zonneveld, formerly the General Manager of ALICO's First American Hungarian Insurance Company, R.T. (AHICO) has been named General Manager. AIG's general insurance company, AIG Romania Insurance Company, S.A., has operated in Romania since 1994.
ALICO Chairman R. Kendall Nottingham said, "ALICO is pleased to have been granted a license to operate in the Romanian insurance market. The company has extensive experience in the life insurance markets in Central Europe, with established operations in Poland, Hungary, the Czech Republic and Slovakia and through a global network extending to approximately 50 countries worldwide. This market knowledge, along with our unmatched experience in providing life insurance in new and emerging markets, positions ALICO to be an insurance leader in Romania."
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services 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.
American Life Insurance Company (ALICO), incorporated in Delaware, is one of the largest international life insurance companies in the world, with $173 billion of life insurance in force at December 31, 1997. 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.