|AIA RECEIVES APPROVALS TO CONDUCT GROUP INSURANCE BUSINESS IN CHINA|
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NEW YORK--(BUSINESS WIRE)--May 26, 2006--American International Assurance Company, Limited (AIA), a subsidiary of American International Group, Inc. (AIG), announced today that it has received approvals from the China Insurance Regulatory Commission (CIRC) to conduct group insurance business throughout AIA's operations in China.
With the approvals, AIA is authorized to issue a single group policy contract covering a range of insurance products, including group life insurance, personal accident and health insurance, medical insurance and annuities. The single policy contract can cover a defined group of five or more people, enabling organizations to purchase policies for their workforces and their family members.
Commenting on the CIRC approval, AIG Senior Vice Chairman, Life Insurance, Mr. Edmund S.W. Tse said, "We are very pleased to receive approval to conduct group insurance business through AIA's operations in China. With rapid economic development, Chinese enterprises, as well as multinationals with operations in China, are experiencing an increasing demand for group insurance services for their employees. Combining service strength and innovative products designed for the local market, AIA is dedicated to meeting the demand from Chinese enterprises and families for high quality insurance products, protection and value-added services."
American International Assurance Company, Limited (AIA) is Southeast Asia's largest life insurer, with branch offices, subsidiaries and affiliated companies located in countries and jurisdictions including Australia, Brunei, Mainland China, Guam, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. AIA markets a full line of life insurance products through a multi-channel distribution system, whose core franchise is an extensive agency force. AIA is a wholly-owned subsidiary of American International Group, Inc. (AIG).
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 as well as the stock exchanges in London, Paris, Switzerland and Tokyo.