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NEW YORK, Jul 15, 2002 -- American International Group, Inc. (AIG) has announced that it has named Joel L. Epstein to the new position of Country Manager of the company's operations in the People's Republic of China.

Additionally, Kenneth J. Juneau has been named Executive Vice President, American International Assurance Company, Limited (AIA), AIG's flagship life insurance company for Southeast Asia and China, and will serve as AIG's senior life insurance executive for China.

Mr. Epstein will be responsible for all of AIG's business in China, including its wholly owned life and non life insurance operations in eight city zones, as well as identifying future opportunities in insurance, financial services and asset management. In addition to these new responsibilities, Mr. Epstein will continue to serve as Chairman and Chief Executive Officer of AIG Consumer Finance Group, Inc., AIG's international consumer finance business.

Mr. Juneau will be responsible for AIA's life operations in eight city zones, as well as future expansion of AIG's life business in China. Mr. Juneau has been Vice President and General Manager of AIA, Korea since 1998.

Prior to joining AIG in 1999, Mr. Epstein was an Executive Vice President with Chase Manhattan Bank, where he was responsible for Chase's international consumer finance business. During his 25-year career at Chase, Mr. Epstein held numerous domestic and overseas assignments, including five years developing businesses in the People's Republic of China, while holding the positions of Correspondent Banking Executive, Beijing Representative, and Country Manager. Additionally, Mr. Epstein held management positions with Chase, including President of Chase Personal Financial Services, President of Chase Auto Finance, and Western Hemisphere Consumer Banking Executive.

Mr. Juneau joined AIG in 1993 and has held a series of management positions in AIG's life insurance operations in Singapore, Thailand, and Australia. He joined AIG with more than 14 years life insurance industry experience with a number of U.S. life insurers.

AIG Chairman M.R. Greenberg said, "China presents an important growth opportunity for AIG, as we seek to expand into other financial services that complement our current businesses in the country. These appointments will strengthen our management depth in China, allowing us to continue our success and bring value to the marketplace and the local community. Joel Epstein's extensive experience in China and international financial services, as well as his role in the successful expansion of AIG's international consumer finance businesses, particularly in Southeast Asia, will be of great value as we consolidate the management of our operations in China. Additionally, Ken Juneau has played a key role in the rapid growth of our Korean life business and is well suited to assume responsibilities for the China life operation."

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.

Public Relations
Ned Burke, 212/770-3141