American Express Packs New Annuity With More Choices; American Express FlexChoice Variable Annuity Now Available.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--March 11, 2002

American Enterprise Life Insurance Company (AEL) today announced the American Express FlexChoice(SM) Variable Annuity, now available to individuals through AEL's financial institutions channel. FlexChoice gives individuals a unique choice between a 0 year and 4 year withdrawal charge schedule under a single product to suit their retirement planning. The product also combines the considerable investment choices of 37 investment options plus fixed options, with the flexibility of an array of optional riders and death benefit features.

"We're excited to make this leading edge new variable annuity available to our distributors," said Carol Holton, president of American Enterprise Life. "With today's life event shift to pre-retirement planning for many baby boomers, we believe this type of product will be highly sought after. The FlexChoice Variable Annuity provides people with greater flexibility in meeting their retirement planning investment needs."

Key features of the American Express FlexChoice(SM) Variable Annuity include:

-- Two contracts with different withdrawal charge schedules;

-- Several optional death benefit riders that include Maximum Anniversary Value
(MAV), return of purchase payment, and the Enhanced Death Benefit Rider;

-- Optional riders that can provide enhanced protection to beneficiaries or
guarantee a minimum amount of annuity income;

-- Attractive promotional Dollar-Cost-Averaging choices;

-- Thirty-seven investment options, including Guarantee Period Accounts, a
one-year fixed account and funds from six leading investment management firms,
that cover a wide variety of investment categories.

Based in Minneapolis, AEL and its affiliate American Centurion Life Assurance Company (ACL) provide financial institution clients an array of products and services to support their retail annuity operations. AEL offers fixed and variable annuities and variable universal life insurance directly to financial institutions nationwide. ACL markets fixed and variable annuities in New York. AEL and ACL are affiliated with American Express Financial Advisors Inc. (AEFA), which provides financial advisory services and investment programs for more than 2.3 million clients. AEFA, member NASD, is the principal underwriter of the variable products issued by AEL and ACL. AEL and ACL had $5.5 billion of assets at the end of 2001. Reserves for policyholder benefits and other liabilities totaled $5.2 billion. AEL and ACL are subsidiaries of IDS Life Insurance Company, which is a subsidiary of American Express Financial Corporation, a well-known and respected leader in financial services. American Express Financial Corporation has more than $253 billion in assets owned, managed or administered as of 12/31/01.

For more information about the American Express FlexChoice(SM) Variable Annuity, including fees and expenses, call 1800-333-3437 or write to American Enterprise Life Insurance Company, 829 AXP Financial Center, Minneapolis MN 55474, for a prospectus. This material does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sales of this annuity in any state in which such offer, solicitation or sales would be unlawful prior to registration or qualification under the applicable laws of any such state. Please call [phone] for information on individual state approvals. American Express Company is separate from AEFA and is not an insurance company or a broker-dealer.