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AIG ELECTS DONALD KANAK VICE CHAIRMAN AND CO-CHIEF OPERATING OFFICER

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NEW YORK, Dec 4, 2003 -- American International Group, Inc. (AIG) Chairman M. R. Greenberg today announced that the AIG Board of Directors has elected Donald P. Kanak AIG Vice Chairman and Co-Chief Operating Officer of AIG. Mr. Kanak, who will be based in New York, joins Martin J. Sullivan, Vice Chairman, as a Co-Chief Operating Officer of AIG.

Edmund S. W. Tse, AIG Senior Vice Chairman and head of AIG's worldwide life insurance operations, who had served as an AIG Co-Chief Operating Officer, will concentrate on the tremendous growth opportunities in AIG's life businesses in Asia and around the world. Mr. Tse will continue to be a member of the AIG Office of the Chairman, Chairman and Chief Executive Officer of American International Assurance Company, Ltd. (AIA), and a member of the AIG Board of Directors.

Robert W. Clyde, Chief Operating Officer of the AIG Companies in Japan and Korea, will succeed Mr. Kanak as President and CEO of AIG Companies in Japan and Korea.

In addition, AIG Executive Vice President John A. Graf, head of AIG's international retirement services unit, will assume additional responsibilities for AIG's foreign group life and pension businesses. Gregory A. Arms, President & Worldwide Director, Group Management Division, will report to Mr. Graf for foreign group life and pension business, and to Rodney O. Martin, Jr., President and CEO, AIG American General, for the domestic business.

All of the new appointments are effective January 1.

Commenting on these changes, Mr. Greenberg said, "each of these individuals has made important contributions to the growth and development of AIG into the successful, global and broadly based insurance and financial services company that we are today. These refinements to our organization structure enable us to capitalize on the significant opportunities for growth in all four of our principal businesses."

Members of AIG's Office of the Chairman, in addition to Messrs. Greenberg, Kanak, Sullivan and Tse are: AIG Executive Vice President Kristian P. Moor, AIG Executive Vice President and Chief Investment Officer Win J. Neuger and AIG Vice Chairman, CFO and Chief Administrative Officer Howard I. Smith.

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 services 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 services 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, Inc.

American International Group, Inc., New York Charlene Hamrah (Investment Community), 212-770-7074 or Joe Norton (News Media), 212-770-3144