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'The AIG Board has approved this transaction based on its determination that this is the best alternative for all of AIG's constituencies, including policyholders, customers, creditors, counterparties, employees and shareholders.
AIG is a solid company with over $1 Trillion in assets and substantial equity, but it has been recently experiencing serious liquidity issues. We believe the loan, which is backed by profitable, well-capitalized operating subsidiaries with substantial value, will protect all AIG policyholders, address rating agency concerns and give AIG the time necessary to conduct asset sales on an orderly basis. We expect that the proceeds of these sales will be sufficient to repay the loan in full and enable AIG's businesses to continue as substantial participants in their respective markets. In return for providing this essential support, American taxpayers will receive a substantial majority ownership interest in AIG'.
Policyholders of AIG companies around the world can rest assured that AIG's commitments will continue to be honored.
AIG's life insurance, general insurance and retirement services businesses continue to operate normally and remain adequately capitalized and fully capable of meeting their obligations to policyholders.
The insurance policies written by AIG companies are direct obligations of its regulated subsidiary insurance companies around the world. These companies are well capitalized and meet or exceed local regulatory capital requirements. The companies continue to operate in the normal course to meet obligations to policyholders.
The AIG companies are fully committed to maintaining required capital levels in all of its subsidiaries and to meeting the needs of their customers around the world.
Alico's financial position strong and stable
The Board of Directors of American International Group, Inc. issued the following statement on September 16th, 2008 in response to the announcement by the Federal Reserve Board that the Federal Reserve Bank of New York is providing a two-year, $85bn secured revolving credit facility to AIG that will ensure the company can meet its liquidity needs.
- Middle East: Thursday, September 18 - 2008 at 09:39
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About American Life Insurance CompanyAmerican Life Insurance Company ('ALICO') is a stand-alone insurance company operating in over 55 countries worldwide. Through its branches and subsidiaries, ALICO markets a variety of life and health insurance products with a current S&P financial strength rating of A+. ALICO's financial position remains stable and strong:
- As of June 30, 2008 premiums and deposits were in excess of $18bn and assets exceeded $100bn.
- Insurance policies issued by ALICO or its subsidiaries are direct obligations of our regulated insurance companies, not AIG directly.
- The majority of ALICO's investments supporting insurance policies are invested in the local economies where we conduct business.
- ALICO and its subsidiaries are regulated by the local insurance supervisory authorities in each country.
- These companies satisfy or exceed local regulatory capital requirements. We are working closely with our regulators worldwide to demonstrate financial stability and commitment to our policyholders.
As the global financial markets experience unprecedented turmoil, ALICO and its subsidiaries reaffirm their financial strength and commitment to our policyholders, distribution partners, and regulators.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
American Life Insurance Company (ALICO), a subsidiary of American International Group, Inc. (AIG), is one of the largest international life insurance companies in the world. ALICO's branches and subsidiaries market a wide range of life and health insurance products, including traditional, variable universal and credit life insurance, as well as supplemental medical and personal accident products, health and hospitalization insurance, group life, pensions and annuities through a variety of channels. The company operates in more than 55 countries and regions around the world including Japan, Europe, the Middle East, South Asia, Latin America and the Caribbean.
If you have any queries please contact:
Fadi S. Chammas
Deputy General Manager - Gulf
American Life Insurance Company - AIG Life
Tel: + 971 6 519 1204
Posted by Ehab Al-AbbadiThursday, September 18 - 2008 at 09:39 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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