AIG to open 350 offices across country

New Delhi, Apr 27 (UNI) World leader in insurance and financial services American International Group (AIG) today said it will expand its operation in India by opening 350 more offices in 125 cities, taking the total to more than 500 in the country by the end of the year.

The company will target clients mainly in sectors like mortgage guarantee, capital recovery and infrastructure.

The company will invest a substantial amount in investment but did not divulge the amount.

''Right now, we can not give you the exact investment figures, but surely we plan to invest a solid amount, '' American International Group Country Head and Chief Executive Sunil Mehta said.

''Mortgage guarantee companies are doing wonderful business, specially in large housing markets like the US. There is good scope for such companies here as the market develops and risks increase especially due to rising rates or falling property prices,'' Mr Mehta said.

India has a lot of potential to grow in the near future. There is much scope for investments in the infrastructure sector, therefore, we are aiming this segment the Chief Executive said.

The company made this announcement today during the launch of their maiden scheme, AIG India Equity Fund.

Life Insurance Industry in India is currently growing rapidly at 10 to 15 per cent. It recorded over 100 per cent growth last year Mr Mehta said.

The company also plans to venture into commercial hospitality and residential development.

AIG Global Investment Group is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.

UNI