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ACORD RECOGNIZES AIG'S REINSURANCE ECOMMERCE INITIATIVES

NEW YORK, May 22, 2002 -- American International Group, Inc. (AIG) has announced that ACORD (the Association for Cooperative Operations Research and Development) has recognized AIG's reinsurance operations for its industry leadership in implementing ACORD standards throughout its eCommerce initatives.

ACORD's Business Automation Improvement, Business Process Redesign and Trading Partner Awards for the Reinsurance/Large Commercial sector were presented to AIG at the ACORD Annual Conference in Orlando, Florida.

"AIG has been at the forefront of the industry in implementing new technologies and standards, especially in eCommerce," said Christian M. Milton, AIG Vice President, Reinsurance. "ACORD's recognition affirms AIG industry leadership in this area and reinforces the efficiencies and benefits we and our partners have achieved through our eCommerce initiatives."

The ACORD Business Automation Improvement Award recognizes companies who have implemented ACORD standards for a particular business process in an effort to improve automation. The Business Process Redesign Award recognizes companies who have redesigned a business process to support their customers or distributors and used ACORD standards as part of that implementation. The Trading Partner Award recognizes companies who have implemented ACORD standards with the widest number of trading partners.

Based in Pearl River, N.Y., ACORD is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries.

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., New York
Ned Burke, 212/770-3141