AIG agrees to sell Japan life insurance business to FWD Group
Tokyo / New York, 15 November 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.
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
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.
- Ends -
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
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
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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
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by such funds.