|AIG RETIREMENT SERVICES NAMES BRUCE R. ABRAMS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF AIG VALIC|
NEW YORK, Sep 13, 2004 -- American International Group, Inc. (AIG) today announced that Bruce R. Abrams, President and Chief Executive Officer of AIG Annuity Insurance Company (AIGA), has also been named President and Chief Executive Officer of AIG VALIC. In this expanded role, he will report to Jay S. Wintrob, President and Chief Executive Officer of AIG Retirement Services, Inc., and Chairman of AIGA and AIG VALIC.
AIG Chairman M. R. Greenberg said, "Bruce Abrams has achieved outstanding results at AIG Annuity, the largest and most efficient company serving the fixed annuity market through the bank distribution channel. He will also make significant contributions to AIG VALIC as it pursues growth strategies focused on expanding its customer base, accelerating asset growth and acquiring additional group accounts in its principal markets. AIG's Retirement Services businesses are well positioned to serve the growing worldwide demand for retirement solutions."
Jay S. Wintrob said, "Bruce is uniquely qualified to assume expanded executive responsibilities within our organization based on his tremendous success in solidifying AIGA's position as the dominant provider of fixed annuities in the country. AIG VALIC will benefit significantly from Bruce's vast experience in forging productive, long-lasting relationships with large customer groups and distribution partnerships, his commitment to unparalleled customer service, and penchant for operational efficiency. At AIG VALIC, Bruce joins one of the industry's most experienced and proven management teams and the leading sales organization serving the group retirement marketplace, VALIC Financial Advisors. We look forward to his continuing contributions and commitment to further strengthening the leadership positions that both AIG Annuity and AIG VALIC command today."
Abrams joined AIG Annuity (formally named American General Annuity and Western National) in 1994 and was named Executive Vice President in 1997. He served as President and Chief Marketing Officer before being named President and Chief Executive Officer in 2002. Prior to joining the company, Abrams served in a variety of marketing management positions with Ford Motor Company for 16 years, including Executive Vice President - Interest-Sensitive Products for Ford Life Insurance Company.
Abrams, 54, a native of Livonia, Michigan, received his B.B.A. in business administration from Western Michigan University in 1971, and holds NASD series 7, 24, and 63 licenses. He is a member of the American Bankers Insurance Association (ABIA), the Bank Insurance Association (BISA) and the National Association of Variable Annuities (NAVA).
AIG Annuity Insurance Company is the largest issuer of fixed annuities in the United States and the leading provider of annuities sold through banks. The company provides its financial institution partners with proprietary fixed annuity programs that are customized, priced and packaged to meet their specific needs, along with the sales training expertise to support their marketing efforts. AIG Annuity serves 1.2 million customers through selling agreements with more than 720 banks and brokerage firms.
AIG VALIC, led by The Variable Annuity Life Insurance Company, is the nation's leading provider of retirement services to primary and secondary education, the second-largest provider to healthcare groups and the third-largest provider to higher education groups. AIG VALIC serves 25,000 client groups in more than 40,000 locations throughout the United States. AIG VALIC is a marketing unit that includes VALIC Retirement Services Company, VALIC Financial Advisors, Inc., VALIC Trust Company and The Variable Annuity Life Insurance Company (VALIC), which are member companies of American International Group, Inc. (AIG).
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 retirement services, financial 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.AIG Retirement Services
John E. Pluhowski, 713-831-1149
AIG Corporate Communications
Andrew Silver, 212-770-3141