American International Group, Inc. (AIG) announced today that Japan Post Insurance Co., Ltd., a subsidiary of Japan Post Holdings Co., Ltd., has selected ALICO Japan, the Japanese branch of AIG’s U.S.-based American Life Insurance Company (ALICO), as a provider of life insurance products for corporate customers. This selection is subject to the approval of regulatory authorities.
As part of the initiative, ALICO Japan’s insurance products for small- and middle-sized enterprise markets will be sold, starting June 2008, through Japan Post Insurance’s 1,000-member sales team that is a part of a nationwide 81-branch network.
“We are very pleased to know that our more than 60-year commitment to the Japanese insurance market, as well as our strong product development capabilities, are acknowledged by Japan Post Group,” said Robert W. Clyde, Chairman, President and Chief Executive Officer of AIG Companies, Japan and Korea. “It is our honor through this initiative to contribute to the continued growth of Japan Post Group.”
Japan Post Insurance Co., Ltd., which was privatized on October 1, 2007, is now the largest life insurance company in Japan, with assets totaling 113 trillion yen.
“This partnership allows AIG to enhance its operations in Japan by building on the life insurance products and services already provided to the Japanese marketplace,” said Clyde. “Our enhanced relationship with Japan Post Group reaffirms our reputation as a premier, top-five insurer in the region.”
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris, Switzerland and Tokyo.
American Life Insurance Company (ALICO), incorporated in Delaware in 1921, is one of the largest international life insurance companies in the world, with more than US$294 billion of life insurance in force as of December 31, 2006. ALICO's branches and subsidiaries market a wide range of life and health insurance products. These products include traditional life insurance, variable universal life insurance, credit life insurance, supplemental medical and personal accident products, health and hospitalization insurance, group life, pensions and annuities, through a network of some 35,000 agents. ALICO conducts business globally in Japan, Europe, the Middle East, South Asia, Latin America, and the Caribbean in more than 55 countries.