American General Announces Executive Promotions in Asset Accumulation.

Business Editors

HOUSTON--(BUSINESS WIRE)--Dec. 13, 2000

American General (NYSE:AGC) today announced three executive promotions within its asset accumulation business unit. Bruce R. Abrams has been named president of American General Annuity Insurance Company; Robert P. Condon has been named president of VALIC; and M. Kathleen Adamson has been named executive vice president - operations administration. Each reports to John A. Graf, senior vice chairman - asset accumulation.

Commenting on the announcement, Graf said, "These appointments underscore both the leadership and contributions that Bruce, Bob, and Kathleen have made to the organization, as well as American General's progress in becoming a more comprehensive provider of financial solutions. Under Bruce's direction, American General strengthened its position as a market leader in sales of annuities through financial institutions. Bob has led the expansion of the financial advisor field force and has introduced a broader portfolio of retirement and investment products to that channel. In addition, Kathleen's operational and client service expertise will continue to differentiate American General in the marketplace and build on our competitive advantages."

Abrams also serves as executive vice president and chief marketing officer, financial institutions marketing - asset accumulation, a position he has held since 1995. Prior to joining American General Annuity (formerly Western National Life) in 1994, Abrams was associated with Ford Motor Company for 16 years, including serving as executive vice president - interest-sensitive products of Ford Life Insurance Company. Abrams, 50, a native of Livonia, Mich., received his B.B.A. in business administration from Western Michigan University in 1971, and holds NASD series 7, 24, and 63 licenses.

Condon also serves as executive vice president, sales and marketing - asset accumulation, a position he assumed in 1999. Prior to joining the company, he served in a variety of executive management positions in life insurance and banking, including executive vice president of Fidelity Federal Bank since 1993. Condon, 58, a native of Boston, Mass., received his B.S. in economics from Boston College in 1966. He is an NASD-registered principal and a Founding Director, Financial Institutions Insurance Association.

Most recently, Adamson served as senior vice president, operations. She joined American General as senior vice president, customer services - asset accumulation in 1999. Previously, Adamson was with Lincoln National Life Insurance Company, where she managed regional operations, customer service, and administration of employer-sponsored annuity operations. Adamson, 44, a native of Birmingham, Mich., received her B.B.A. in business administration from Western Michigan University in 1980.

American General is one of the nation's largest diversified financial services organizations with assets of $123 billion and market capitalization of $21 billion. Headquartered in Houston, it is a leading provider of retirement services, investments, life insurance, and consumer loans to 12 million customers. American General common stock is listed on the New York, Pacific, London, and Swiss stock exchanges.