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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161114006617/en/
AIGMedia:Matt Gallagher,
212-458-3247matthew.gallagher2@aig.comorMedia, Japan:Takuro
Matsuyama, 81-3-5400-3944matsuyama.takuro@aig.co.jporInvestors:Liz
Werner, 212-770-7074elizabeth.werner@aig.comorFWD GroupKate
Geraghty, +65-6727-5731groupenquiries@fwd.comorKarin Wong,
+852-9755-6265kwong@brunswickgroup.comorLiz Liang,
+852-9015-6858eliang@brunswickgroup.com
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