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NEW YORK--July 24, 2003--The Board of Directors of American International Group, Inc. (AIG) has increased the quarterly cash dividend on the company's common stock to 6.5 cents per share from the previously declared 5.2 cents per share. The dividend is to be paid on September 19, 2003 to shareholders of record on September 5, 2003.

This represents an increase of 25.0 percent over the previously declared dividend and a 38.3 percent increase over the 4.7 cents per common share paid in June 2003.

American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. 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. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, 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. Charlene M. Hamrah (Investment Community) 212-770-7074 Joe Norton (News Media) 212-770-3144 SOURCE: American International Group, Inc.