NEW YORK & TOKYO--(BUSINESS WIRE)--Nov. 14, 2016--
American International Group, Inc. (NYSE:AIG) today announced that it
has agreed to sell its Japan life insurance business AIG Fuji Life
Insurance Company, Ltd. (AFLI) to FWD Group, the insurance arm of
Pacific Century Group. The transaction is subject to regulatory
approvals. Terms of the deal were not disclosed.
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This transaction does not affect AIG’s extensive non-life insurance
business in Japan, the largest of any foreign-based insurer in the
country.
AIG will continue to focus on Japan’s property and casualty (P&C) market
through its local subsidiaries Fuji Fire & Marine, Ltd., AIU Insurance
Company, Ltd., and American Home Assurance Company, Ltd. These companies
provide commercial insurance and services, as well as personal insurance
coverage lines, including accident & health, auto, homeowners, and
travel insurance. Japan, where AIG has operated since 1946, is the third
largest commercial market and the largest personal insurance market
globally for AIG, based on net premiums written by country.
“Like other actions we’ve taken this year, the sale of AIG Fuji Life
makes us a leaner insurer that’s better focused on the geographies and
segments where we have the critical mass and expertise to provide
tremendous value to our clients,” said Peter Hancock, President and
Chief Executive Officer, AIG.
“In this core market for AIG, we are committed to growing both our
commercial and consumer personal insurance lines. At the same time, our
AFLI clients and colleagues will benefit from FWD’s commitment to
growing the life business in Japan. Beyond the deal’s close, we look
forward to partnering with FWD on life distribution in support of its
goals, and in exploring other future opportunities.”
Following completion of the deal, FWD Group will maintain AFLI’s
existing life insurance distribution agreements with AIG Japan. In-force
policies will not be affected by the expected transfer of ownership.
Since FWD’s establishment in 2013, it has become a pan-Asian life
insurer across Thailand, Indonesia, the Philippines, Singapore and
Vietnam with a strong base in Hong Kong and Macau. FWD’s entry into
Japan, the second largest life insurance market in the world, further
extends its regional footprint and is part of its vision to become a
leading pan-Asian insurer.
“AIG Fuji Life is a strong foundation for FWD’s entry to Japan and our
partnership with AIG will give FWD access to an extensive distribution
network with an established customer base. We aim to develop and grow
AFLI through investment in the long-term and our customer-led,
technology-driven approach.” said Huynh Thanh Phong, FWD Group Chief
Executive Officer.
AFLI was founded in 1996 as a subsidiary of The Fuji Fire and Marine
Insurance Company. The company has achieved rapid growth through the
development of competitive life insurance products and new distribution
channels.
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including the closing of the transaction
described herein, are not historical facts but instead represent only
AIG’s belief regarding future events, many of which, by their nature,
are inherently uncertain and outside AIG’s control. Except for AIG’s
ongoing obligation to disclose material information as required by
federal securities laws, AIG is not under any obligation (and expressly
disclaims any obligation) to update or alter any forward-looking
statements, whether written or oral, that may be made from time to time,
whether as a result of new information, future events or otherwise.
Factors that could cause AIG’s actual results to differ, possibly
materially, from any forward-looking statements include the factors set
forth in AIG’s filings with the United States Securities and Exchange
Commission.
About FWD Group
Established in 2013, FWD spans Hong Kong & Macau, Thailand, Indonesia,
the Philippines, Singapore, and Vietnam, offering life and medical
insurance, general insurance, and employee benefits across a number of
its markets. FWD Group currently has over 1.2 million customers and over
2,900 employees.
FWD is focused on creating fresh customer experiences, with
easy-to-understand products, supported by leading digital technologies.
Through this customer-led approach, FWD will achieve its vision to
become the leading pan-Asian insurer that changes the way people feel
about insurance.
FWD is the insurance arm of Pacific Century Group (PCG), an Asia-based
private investment group established in 1993, PCG operates across three
core business pillars; financial services, technology, media &
telecommunication, and property.
For more information please visit www.fwd.com.
About AIG
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today AIG member companies provide a wide
range of property casualty insurance, life insurance, retirement
products, mortgage insurance and other financial services to customers
in more than 100 countries and jurisdictions. These diverse offerings
include products and services that help businesses and individuals
protect their assets, manage risks and provide for retirement security.
AIG common stock is listed on the New York Stock Exchange and the Tokyo
Stock Exchange.
Additional information about AIG can be found at www.aig.com
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161114006617/en/
Source: American International Group, Inc. & FWD Group
AIG
Media:
Matt Gallagher, 212-458-3247
matthew.gallagher2@aig.com
or
Media,
Japan:
Takuro Matsuyama, 81-3-5400-3944
matsuyama.takuro@aig.co.jp
or
Investors:
Liz
Werner, 212-770-7074
elizabeth.werner@aig.com
or
FWD
Group
Kate Geraghty, +65-6727-5731
groupenquiries@fwd.com
or
Karin
Wong, +852-9755-6265
kwong@brunswickgroup.com
or
Liz
Liang, +852-9015-6858
eliang@brunswickgroup.com