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AIG LIFE COMPANIES (U.S.) INTRODUCE GEMSTONE LIFEsm
NEW YORK, June 5, 2001 - The AIG Life Companies (U.S.), member companies of American International Group, Inc. (AIG), have introduced Gemstone Lifesm, a new variable universal life insurance policy which offers clients a broad mix of underwriting classes and currently offers a true “wash loan” feature beginning in year 11 of the policy term. The product also features a new DCA Plus option to encourage dollar cost averaging from its fixed account.

The policy, available (with delivery of a prospectus) through the broker/dealer network of SunAmerica, Inc. and the AIG Life Companies' brokerage and national accounts distribution systems, is currently offered in 47 states by AIG Life Insurance Company (AIG Life) and American International Life Assurance Company of New York (AI Life), the two principal companies of the AIG Life Companies (U.S.).

Gemstone Life offers clients universal life-type flexibility with a wide array of sub-account investment options managed by leading money managers*. Policyholders can choose from any of 33 investment options managed by 14 well-known fund families: AIM; Alliance; American Century; Dreyfus; Fidelity; Goldman Sachs; J.P. Morgan; MFS; Marsico; Neuberger Berman; Oppenheimer; SunAmerica; Templeton; and Wellington.

“With its investment options and underwriting flexibility, Gemstone Life competes effectively in the personal wealth accumulation, wealth transfer, and retirement planning markets, offering producers an attractive, easy-to-explain product for their clients,” said Gerald W. Wyndorf, President, AIG Life Companies (U.S.).

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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 members companies write a wide range of commercial, personal and life 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.

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*Gemstone Life is underwritten by AIG Life Insurance Company, Wilmington, DE, and American International Life Assurance Company of New York, New York, NY. It is distributed by AIG Equity Sales Corp., member NASD, 70 Pine Street, 17th Floor, New York, NY 10270. AIG Life, AIG Equity Sales Corp., and SunAmerica are members of American International Group, Inc. (AIG). AIG Life does not solicit business in New York. For more complete information including sales charges and expenses, call 1-800-320-5069 for prospectuses. Read the prospectuses carefully before investing. Product not available in all states. Only a registered representative may sell this product.