AIG Unit to Sell Custom VAs in Japan
May 19, 2008
NEW YORK - ALICO Japan, the Japanese branch of American International Group’s U.S.-based American Life Insurance Company (ALICO), has been selected to provide variable annuity products to the customers of Japan Post Holdings Co., Ltd.
ALICO Japan had has been offering life insurance through Japan Post Insurance, Co., Ltd., since December 2007. The AIG unit will develop a variable annuity product with a flexible premium payment function for Japan Post Bank and Japan Post Network customers.
The new product is being sold through Japan Post Bank’s 234 branch offices and Japan Post Network’s 24,600 offices. With ¥186 trillion ($1.78 trillion) in assets, Japan Post Bank Co., Ltd., is the largest bank in Japan.
ALICO has more than US$294 billion of life insurance in force as of December 31, 2006. It conducts business globally in Japan, Europe, the Middle East, South Asia, Latin America, and the Caribbean.
“We are very pleased to expand our relationship with Japan Post Group,” said Robert W. Clyde, Chairman, President and Chief Executive Officer of AIG Companies, Japan and Korea.
“Adding our variable annuity products to the array of Japan Post offerings speaks to the success we’ve collectively achieved thus far, and we look forward to working together for years to come.”
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