AIG Group affirms continued business operations in Thailand

BANGKOK, Oct 6 (TNA) - The American insurance giant AIG Group in Thailand on Monday affirmed that companies under its umbrella had a sound financial position and would continue operating in the country.

The group comprising American International Assurance (AIA), AIG Retail
Bank, and New Hampshire Insurance reiterated its stance despite an
announcement by the United States-based AIG Group, its parent company,
that it would dispose of some stakes in AIA Holding Company in New York as
part of a plan to seek new strategic business partners and restructure its
shareholding.

Thomas James White, AIA Thailand's executive vice president, said the
company remains confident that it will retain its leadership in the life
insurance business in Thailand and is ready to serve its clientele as
usual.

The financial difficulties its parent firm is experiencing from the US
economic crisis has not impacted its competence in serving customers and
payment of claims under terms and conditions stated in its insurance
policies.

Although there were news reports about the US financial crisis, he said,
over 99 per cent of AIA's customers in Thailand remain confident in
continuing to hold the company's insurance policies. As of the end of
July, the company had total assets of about Bt383 billion.

However, he conceded that AIG needs to seek new strategic business
partners to strengthen its stability.

Charly Madan, president of AIG Retail Bank (Thailand), said the
restructuring of its parent company's shareholdings would have no impact
on the bank's performance.

"We can give our customers assurances for their deposits with us," he
said.