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AMERICAN INTERNATIONAL GROUP GAINS LICENSE TO OPERATE FIRST FOREIGN-OWNED INSURANCE BUSINESS IN CHINA

 AMERICAN INTERNATIONAL GROUP GAINS LICENSE TO OPERATE
 FIRST FOREIGN-OWNED INSURANCE BUSINESS IN CHINA
 SHANGHAI, People's Republic of China, Oct. 5 /PRNewswire/ -- American International Group, Inc. (NYSE: AIG) has been granted a license by the People's Republic of China to operate a life and non-life insurance business in Shanghai. This is the first such license granted by the Chinese government to a foreign insurance organization in more than 40 years. AIG traces its corporate roots to an insurance agency formed in Shanghai in 1919 by an American entrepreneur, C.V. Starr, and has now grown to be the largest international insurance organization in the world.
 AIG will operate in Shanghai through a branch of its 100-percent owned affiliate, American International Assurance Company, Ltd. (AIA), and will have offices in the American International Tower, one of the buildings comprising the Shanghai Center office, hotel and residential complex in central Shanghai. AIG is a part owner of the Shanghai Center, which opened in late 1990.
 Through its new Shanghai branch, AIA will provide life insurance products to individual Chinese citizens and foreign nationals, and property and casualty insurance products to joint ventures and other foreign businesses in Shanghai.
 AIG Chairman M.R. Greenberg is currently visiting Shanghai as a member of the International Business Leaders' Advisory Council for the Mayor of Shanghai, of which he is the founding Chairman, for a regular meeting of the Council with senior Shanghai government and business leaders. Commenting on the newly issued license, Mr. Greenberg said, "Our company's return to China is a significant moment in AIG's history. As the only American insurance organization with origins in China, we are pleased to be the first such company licensed by the People's Republic of China."
 Mr. Greenberg continued, "In recent years, Shanghai has seen phenomenal growth in its industrial and commercial base. The joint ventures established between Chinese and foreign companies have played an important role in this economic success. We believe our new presence will benefit the entire insurance sector in Shanghai, and also help attract additional foreign investment. Life insurance has always been a catalyst for long term economic development by mobilizing the savings of the local population for investment in infrastructure and developmental projects. AIG's experience will be fully brought to bear to help with this process."
 "Our roots are in Asia," he added, "and we have great confidence in the future of China and its role in Asia and the world community. We will focus on building our staff and developing products tailored to the needs of this market. We look forward to growing and prospering with China, as we have done with many other countries in this region."
 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 services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. In Asia, American International Assurance Company, Ltd. is the leading life insurer in Southeast Asia, and American International Underwriters (AIU) and affiliated companies provide non- life insurance throughout the region. AIG also has significant life and non-life operations in the Philippines and a major affiliated life insurance company in Taiwan. In Japan, AIU is the largest non-Japanese general insurance company, and AIG's ALICO is the principal full-line foreign life insurer in that market.
 American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
 -0- 10/5/92
 /CONTACT: John T. Wooster, vice president, communications of American International Group, 212-770-3146/
 (AIG) CO: American International Group, Inc. ST: New York IN: INS SU: LIC


LR -- NY016 -- 6401 10/05/92 08:21 EDT
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Date:Oct 5, 1992
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