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AIG OPENS BEIJING LIFE INSURANCE OPERATION

NEW YORK, May 23, 2002 -- American International Group, Inc. (AIG) has announced that its 100 percent owned subsidiary American International Assurance Company, Ltd. (AIA) has received authorization to open a Beijing life insurance operation.

AIG is the first foreign insurance organization to be licensed in Beijing.

At year-end 2001, AIG was granted approval to receive branch licenses to set up wholly owned life insurance operations in Beijing as well as Suzhou, and two sub-branches of AIA's existing Guangzhou branch in the cities of Dongguan and Jiangmen in the Guangdong Province. The China Insurance Regulatory Commission recently approved AIA's application to establish its Beijing branch, enabling AIA to commence operations. Approvals for Suzhou, Dongguan and Jiangmen are expected shortly.

In 1992, AIG was the first foreign insurance organization to receive a license to operate in Shanghai, China. AIG has since been granted licenses to operate in Guangzhou in 1995, and Foshan and Shenzhen in 1999.

Commenting on the company's expansion to Beijing, AIG Chairman M.R. Greenberg said, "The establishment of our life operation in Beijing is an important step in furthering AIG's industry leading reach in China. The continued growth of China's economy and the resulting creation of a vibrant middle class in major cities such as Beijing offers great opportunity for AIG. With our financial strength, emphasis on staff and agency training, outstanding professional sales force of more than 12,000 life agents and a decade of demonstrated success in the China market, AIG is the best positioned foreign insurer in China. I am confident our business in this important city will continue the success we have achieved in China, while continuing to bring value to the insurance marketplace and the local community."

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
Joe Norton, 212/770-3144