|AIG ISSUES INITIAL ESTIMATE OF LOSSES FROM HURRICANE CHARLEY|
NEW YORK--Aug. 19, 2004--American International Group, Inc. (AIG) has issued an initial estimate of its total expected losses relating to Hurricane Charley.
AIG estimates that its total after tax net losses will be in a range of $80 to 100 million. This total includes AIG's own Domestic Brokerage Group (including Lexington Insurance Company) and its Domestic Personal Lines business as well as AIG's prorated share of losses from AIG's majority investments in Transatlantic Holdings, Inc. and Lloyd's Syndicate 1414 (Ascot); and AIG's minority investments in Allied World Assurance Co. Ltd and IPC Holding, Ltd.
AIG Chairman M. R. Greenberg said, "AIG's claims professionals have been working diligently to serve our customers throughout the region impacted by Hurricane Charley.
"AIG is a highly diversified company in terms of both the geographic distribution of our operations around the world and our mix of businesses, which include Life Insurance & Retirement Services, Financial Services and Asset Management as well as General Insurance. The value of this diversity is clearly evident when losses from a significant catastrophe such as Hurricane Charley represent a very small share of AIG's historic quarterly income."
It should be noted that this news release may contain forward-looking statements. AIG refers you to the AIG Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 for a description of the business environment in which AIG operates and important factors that may affect its business. AIG is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 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.
CONTACT: American International Group, Inc. Investment Community: Charlene Hamrah, 212-770-7074 or News Media: Joe Norton, 212-770-3144 SOURCE: American International Group, Inc.