|AIG ISSUES STATEMENT ON REPORT OF FUTURE ASBESTOS LIABILITY CASES IN THE UNITED KINGDOM|
NEW YORK, May 15, 2002 -- American International Group, Inc. (AIG) has issued the following statement regarding future asbestos liabilities as a result of the decision expected tomorrow from the House of Lords in the United Kingdom:
"AIG has virtually no substantial long tail asbestos exposures in the United Kingdom, and therefore the report published today in London by Bloomberg News that AIG, along with other insurers, faces substantial liabilities as a result of a House of Lords ruling tomorrow, is erroneous. Irrespective of that ruling, AIG's asbestos-related liabilities in the U.K. will remain minimal.
"AIG's overall asbestos-related liabilities are relatively small. The vast majority of asbestos and environmental claims emanate from policies written in 1984 and prior years, at a time when AIG's commercial insurance business was not as significant as it is today. Since 1985, standard policies have contained the absolute exclusion for pollution related damage. AIG's reserves for asbestos-related claims continue to be appropriate."
AIG is the world's leading U.S.-based international insurance and financial services organization, the largest underwriter of commercial and industrial insurance in the United States, and among the top-ranked U.S. life insurers. Its member companies write a wide range of general insurance and life insurance products for commercial, institutional and individual customers through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making, and consumer finance. AIG has one of the largest retirement savings businesses in the United States and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
CONTACT: American International Group, Inc.