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NEW YORK--Jan. 6, 2003--American Life Insurance Company (ALICO), a subsidiary of American International Group, Inc. (AIG), has received a license from the Ministry of Finance to operate a wholly owned life insurance company in Ukraine.

Based in Kiev, the new company, American Life Insurance Company AIG Life (ALICO-AIG Life), will market a full line of individual life and group insurance products and benefits through a network of agents and brokers.

Mark Narovlansky has been named Chairman of the Management Board and will head the operation as General Manager. Mr. Narovlansky is a graduate of Kharkov State University and has more than 15 years of experience in the U.S. life insurance industry.

R. Kendall Nottingham, AIG Executive Vice President, Life Insurance, and ALICO's Chairman and CEO, said, "ALICO has more than 80 years experience in developing life insurance businesses in countries around the world. It is well established in Central and Eastern Europe with a sizable share of the life insurance market, supported by an extensive distribution network. We're naturally pleased to receive an insurance license in Ukraine where we see a significant opportunity to apply our global and regional experience to the development of a life insurance business that will bring security and investment opportunities to the 49 million citizens of Ukraine."

The ALICO-AIG Life office is located at Lyuteranska 28/19, Kyiv (Kiev), Ukraine.

American Life Insurance Company (ALICO), a wholly owned subsidiary of American International Group, Inc. (AIG), is one of the largest international life insurance companies in the world, with more than $179.9 billion of life insurance in force as of December 31, 2001. ALICO's branches and subsidiaries market a broad range of life and health insurance products, such as traditional life, supplemental medical and personal accident products, group life, annuities, and pension and medical business, through a network of more than 50 countries worldwide. In Central and Eastern Europe, ALICO's operations are located in Bulgaria, Cyprus, Czech Republic, Greece, Hungary, Poland, Slovakia, Romania and Ukraine.

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.

Joe Norton, 212/770-3144