AIG to continue normal insurance opns in Asia

Mumbai, Sep 17: The American International Group, Inc (AIG), which has tied up with the Tatas for selling life insurance business in India, said its life insurance, general insurance and retirement services businesses, including its extensive Asian operations, will continue to operate normally.

They remain adequately capitalised and fully capable of meeting their obligations to policyholders, AIG said in a release here. It said AIG continued to pursue alternatives to increase short-term liquidity in the parent company. Those plans do not include any effort to reduce the capital of any of its subsidiaries or to tap into Asian operations for liquidity.

The insurance policies written by AIG companies are direct obligations of its regulated subsidiary insurance companies around the world.

In particular, AIG noted its long tradition of service in Asian markets, which are key to AIG's future growth. Founded in Shanghai in 1919, Asia is home to some of AIG's oldest and most valued clients. 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, the release added.

UNI