NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE:AIG) today announced that on April 30, 2017, it successfully completed the sale of AIG Fuji Life Insurance Company, Ltd. (AFLI) to FWD Group, the insurance arm of Pacific Century Group. The deal was originally announced in November 2016.
AFLI will be a wholly owned subsidiary of FWD Group following the close. AFLI will continue under its current corporate name pending regulatory approval of a new name.
In-force policies will not be affected by the transfer of ownership. Under the terms of the agreement, FWD Group will maintain AFLI’s existing life insurance distribution agreements with AIG companies in Japan. AIG will collaborate with FWD to support the growth of the life insurance business in Japan.
The close of this transaction does not affect AIG’s extensive property casualty business in Japan, the largest of any foreign-based insurer in the country. Japan, where AIG has operated since 1946, represents the company’s largest personal insurance market and third largest commercial insurance market globally, based on net premiums written by country. AIG will continue to focus on Japan’s property casualty market through its local subsidiaries: Fuji Fire & Marine, Ltd.; AIU Insurance Company, Ltd.; and American Home Assurance Company, Ltd.
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, and other financial services to customers in more than 80 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’s core businesses include Commercial Insurance and Consumer Insurance, as well as Other Operations. Commercial Insurance comprises two modules – Liability and Financial Lines, and Property and Special Risks. Consumer Insurance comprises four modules – Individual Retirement, Group Retirement, Life Insurance and Personal Insurance. 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.
Caution Concerning Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements. These statements 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. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the SEC pursuant to the Securities Exchange Act of 1934.