AIG Receives Life Insurance License in Vietnam.Business Editors NEW YORK--(BUSINESS WIRE)--March 13, 2000 American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) has announced that its Southeast Asian life insurance subsidiary, American International Assurance American International Assurance known as AIA (美國友邦保險) is a famous insurance company based in Hong Kong. It has offices in Asia-Pacific region including China, Australia, New Zealand, Japan, India, Malaysia, South Korea, Thailand and Company (Bermuda) Limited (AIA AIA - Application Integration Architecture ), has received a license from the government of Vietnam to operate a wholly owned life insurance company in Vietnam. This is the first insurance license granted by Vietnam to a U.S.-based insurance organization. The license permits AIA to operate a life insurance company throughout Vietnam. The name of the company is American International Assurance Co. (Vietnam) Limited (AIA Vietnam). AIA Vietnam is now in the process of establishing office facilities in both Hanoi and Ho Chi Minh City Ho Chi Minh City, formerly Saigon, city (1997 pop. 5,250,000), on the right bank of the Saigon River, a tributary of the Dong Nai, Vietnam. . Initial staff has been hired and AIA Vietnam expects to begin operations as soon as all regulatory approvals are in place. Commenting on the Vietnam license, AIG Chairman M.R. Greenberg said, "We are very pleased that the Ministry of Finance of Vietnam has granted AIA's life license, marking our return to operating in Vietnam after 25 years. Life insurance is key to the process of nationbuilding, mobilizing domestic savings for investment in the local economy. AIA's long experience in developing the life insurance markets of Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. will enable us to move rapidly to establish our operations and provide insurance products and employment opportunities for the people of Vietnam." AIG is the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial lines insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services and investment management businesses. American International Group, Inc.'s common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , as well as the stock exchanges in London, Paris, Switzerland, and Tokyo. |
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