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AIG FORMS NEW INTERNATIONAL RETIREMENT SAVINGS UNIT TO BE HEADED BY JOHN GRAF

NEW YORK--Nov. 6, 2002--American International Group, Inc. (AIG) has announced that it has formed a new international retirement savings unit that will leverage AIG's market leading U.S. retirement savings business with its unsurpassed global network, capitalizing on the brand recognition, distribution force and customer service expertise of local AIG companies.

John A. Graf, AIG Executive Vice President, Retirement Savings will head the international retirement savings unit. As part of this initiative, AIG life insurance operations in overseas markets will establish local retirement savings businesses, with managers of these businesses reporting jointly to Mr. Graf and local life insurance executives. AIG's foreign life network encompasses more than 70 countries, including many where AIG businesses have been active for more than 50 years.

Mr. Graf, who will be located in New York, will continue to serve as Vice Chairman and a member of the Board of Directors of AIG SunAmerica Inc., drawing upon the capabilities of AIG's domestic retirement savings businesses to support international growth initiatives. Mr. Graf was named Vice Chairman of AIG SunAmerica Inc. following AIG's acquisition of American General Corporation in 2001 and was elected AIG Executive Vice President, Retirement Savings in 2002. He was Senior Vice Chairman, Asset Accumulation at American General when that company was acquired by AIG. He joined American General as President of Retirement Services in 1998, following American General's acquisition of Western National Corporation, where he had served as Vice Chairman and Chief Marketing and Administrative Officer. Mr. Graf began his 20-year financial services industry career with John Hancock. He is a graduate of the University of Illinois.

Commenting on the announcement, AIG Chairman M. R. Greenberg said, "The need for individuals to provide for their own retirement is a worldwide issue, especially in the large majority of countries where state run pension programs are inadequate. We have a major opportunity to introduce our expansive product portfolio, advisory skills and marketing expertise into overseas markets where AIG has extensive and longstanding operations. In many markets, we already have been successful serving, with a wide range of products, a full array of the financial needs of our large policyholder base. With a global franchise unmatched by any other financial services organization, AIG is uniquely positioned to become the leading provider in the worldwide retirement savings market in the years ahead.

"John Graf is a proven executive with extensive experience in the development and distribution of retirement savings products. He will provide strong leadership as we build our retirement savings business in overseas markets."

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: AIG, New York
Joe Norton, 212/770-3144