American General Names Senior Vice Presidents.

HOUSTON--(BUSINESS WIRE)--Oct. 7, 1999--

American General (NYSE:AGC) today announced four promotions to senior vice president: D. Lynne Walters was named senior vice president - taxes; Pamela J. Penny was named senior vice president and controller; Mary L. Cavanaugh was named to the additional title of senior vice president and deputy general counsel; and Laura B. Nichol was named senior vice president - human resources. Walters and Penny report to Nicholas R. Rasmussen, executive vice president and chief financial officer. Cavanaugh reports to Mark S. Berg, executive vice president and general counsel, and Nichol reports to Jon P. Newton, vice chairman and group executive - corporate operations.

In commenting on the announcement, Newton said, "We greatly value the leadership and dedication that Lynne, Pam, Mary, and Laura have demonstrated in their careers with American General. We look forward to the contributions each will make in her position as we continue to build our business. It is through the unyielding commitment of our people that we are achieving our goal of being a leader in financial services."

Walters, 47, has served as vice president - taxes of American General since 1991. Prior to joining the company in 1990 as assistant tax director, Walters was corporate tax director for Service Corporation International and a tax principal at Arthur Young and Co. A native of Houston, Texas, Walters received her B.B.A. and M.S. in accountancy from the University of Houston in 1976 and 1977, respectively, and is a Certified Public Accountant.

Penny, 44, has served as vice president and controller of American General since 1993. She joined the company in 1991 as director - financial research and became assistant controller - financial reporting in 1992. Previously, Penny had 12 years of auditing experience with KPMG Peat Marwick, including two years as an audit partner. A native of Kingston, Pennsylvania, she received her B.B.A. in accounting from The College of William and Mary in 1977 and is a Certified Public Accountant.

Cavanaugh, 47, joined American General earlier this year as general counsel of American General Investment Management, L.P. and American General Retirement Services. Prior to joining American General, she served as counsel of The Prudential Insurance Company of America for 19 years, most recently as chief counsel - marketing and deputy chief counsel of Prudential Investments. A native of Los Angeles, California, Cavanaugh received her B.A. in history and economics from the University of California at Los Angeles in 1973 and her J.D. from the University of Southern California in 1976.

Nichol, 39, has served as vice president - human resources since joining American General in 1998. Previously, Nichol spent 12 years at Chase Bank of Texas, most recently as senior vice president and manager - human resources generalist. Prior to joining Chase, she served as a banking officer at InterFirst Bank of Houston with responsibility for professional and executive lending. Nichol received her B.B.A. in finance from The University of Texas in 1982.

American General is one of the nation's largest diversified financial services organizations, with assets of $110 billion and market capitalization of $17 billion. Headquartered in Houston, it is a leading provider of retirement services, investments, life insurance, and consumer loans to over 12 million customers. American General common stock is listed on the New York, Pacific, London, and Swiss stock exchanges.