|AIG COMPLETES ACQUISITION OF GE JAPAN LIFE INSURANCE BUSINESS AND GE U.S.-BASED AUTO INSURANCE BUSINESS|
NEW YORK & TOKYO, Aug 29, 2003 (BUSINESS WIRE) -- American International Group, Inc. (AIG) has announced that the acquisition of the GE Edison Life Insurance Company in Japan and GE's U.S.-based auto and home insurance business has been completed, effective today.
The Japanese life insurance company will be renamed AIG Edison Life Insurance Company subject to Japanese regulatory approvals. The GE property casualty insurance companies acquired by AIG will operate together with AIG's Domestic Personal Lines subsidiaries.
AIG companies have operated in Japan for more than 50 years. AIG's existing life insurance businesses operate there through American Life Insurance Company (ALICO Japan) and AIG Star Life Insurance Co., Ltd. AIG is also the largest foreign property-casualty insurance organization in Japan, operating through the Japanese branches of AIU Insurance Company (AIU) and American Home Assurance Company.
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.
SOURCE: American International Group
American International Group