|AMERICAN INTERNATIONAL GROUP ENTERS COOPERATIVE AGREEMENT WITH THE STATE COMMITTEE OF THE RUSSIAN FEDERATION FOR CONSTRUCTION, HOUSING COMPLEX; COOPERATIVE MEMORANDUM WILL FACILITATE DEVELOPMENT OF THE RUSSIAN HOUSING FINANCE SYSTEM|
NEW YORK & MOSCOW--July 29, 2003--American International Group, Inc. (AIG) today announced the signing of a Cooperative Memorandum with the State Committee of the Russian Federation for Construction, Housing Complex ("Gosstroy of Russia") to assist in the development of programs that will improve homeowners insurance and financing alternatives for Russian home buyers.
As part of the agreement, Gosstroy of Russia will consult with AIG companies on policy, legislation and other actions related to the development of the Russian housing finance system. Areas of particular concern include risk management practices and techniques, mortgage guaranty insurance, secondary mortgage market policies and institutions, securitizations and public-private partnerships in the provision of housing-related insurance products.
AIG has also agreed to provide counsel and assist in the development of a mortgage credit guaranty system in Russia, based on public-private partnerships.
"AIG has had a presence in Russia for several years. We believe the present environment is a favorable one for furthering our business relationships in the region," said M.R. Greenberg, AIG Chairman and Chief Executive Officer. "We are pleased to work with Gosstroy to identify new financial services and insurance options that will facilitate home ownership and benefit the Russian people."
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., New York Andrew Silver, 212-770-3141 SOURCE: American International Group, Inc.