|AIG RECEIVES GENERAL INSURANCE LICENSE IN VIETNAM|
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NEW YORK--Dec. 22, 2005--American International Group, Inc. (AIG) today announced that its subsidiary, American International Underwriters Overseas, Ltd., has received a license from the government of Vietnam to operate a wholly owned general insurance company in Vietnam. This license, the first general insurance license granted by Vietnam to a U.S.-based insurance organization, was announced by Prime Minister Phan Van Khi during his visit to the U.S. last June. AIG President and CEO Martin J. Sullivan, who accompanied Prime Minister Khi to an opening ceremony at the New York Stock Exchange during his visit, received the license from Vietnam's Vice Minister of the Ministry of Finance, Madam Bang Tam, in Hanoi on December 19, 2005.
The license permits AIG to operate a general insurance company throughout Vietnam. The name of the company will be AIG Vietnam General Insurance Company Limited (AIG Vietnam), which will market property-casualty insurance products to both individuals and businesses. AIG Vietnam will be headquartered in Hanoi, with a branch in Ho Chi Minh City, and expects to begin operations at the start of next year.
Martin J. Sullivan said, "The license we received today further strengthens our commitment to Vietnam and our ability to contribute to Vietnam's continued economic growth and success. We are the first U.S.-based insurer to receive such a license, and we will be able to market a wide array of products and services that will support both local and foreign-invested industries, and participate in the growth and development of Vietnam and the region.
"This license is a significant milestone for AIG in Vietnam, where our history dates back to the 1920's. We returned in 1993 as the first insurance organization to obtain representative office status, and were active in promoting normalization of ties between the U.S. and Vietnam, extensively supporting the implementation of the Bilateral Trade Agreement in 2001. In the same year, we received the first life insurance license granted to a U.S.-based insurer and since then, AIG's life operations in Vietnam have grown rapidly, with more than 20,000 agents operating throughout the country."
Terence Anderson, Chief Representative, AIG Vietnam, said, "Our aim is to provide competitive and comprehensive solutions to both consumers and business. AIG Vietnam will provide products and services that will allow Vietnamese exporters to become more competitive internationally by offering product liability, marine cargo and claims services. Our business will include a focus on Vietnam's important growth industries, such as oil and gas, infrastructure and power generation."
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.