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June 24, 2005

AIG Just got a little bigger

AIG General Insurance License in Vietnam Announced by Vietnam's Prime Minister Phan Van Khai

American International Group, Inc. (AIG) has announced that its subsidiary, American International Underwriters Insurance Company (AIUI), has been notified that it will receive a license from the government of Vietnam to operate a wholly owned general insurance company in Vietnam. Vietnam's Prime Minister, Phan Van Khai, announced the license yesterday at the Asia Society in New York City. This would be the first general insurance license granted by Vietnam to a U.S.-based insurance organization.

The license would permit AIG to operate a general insurance company throughout Vietnam. The name of the company will be AIG General Insurance (Vietnam) Company Limited (AIG Vietnam), which will market property-casualty insurance products to both individuals and businesses. AIG Vietnam will be headquartered in Hanoi. AIG Vietnam expects to begin operations as soon as all regulatory approvals are in place, which are anticipated by the end of the year.

Posted by Tom Troceen