American International Group Inc. (AIG) announced that its subsidiary, American International Underwriters Insurance Company (AIUI), has been notified that it will receive a license from the government of Vietnam to operate a wholly owned general insurance company in Vietnam.
Vietnam’s Prime Minister, Phan Van Khai, announced the license Thursday at the Asia Society in New York City. This would be the first general insurance license granted by Vietnam to a U.S.-based insurance organization.
The license would permit AIG to operate a general insurance company throughout Vietnam. The name of the company will be AIG General Insurance (Vietnam) Company Limited (AIG Vietnam), which will market property/casualty insurance products to both individuals and businesses. AIG Vietnam will be headquartered in Hanoi. AIG Vietnam expects to begin operations as soon as all regulatory approvals are in place, which are anticipated by the end of the year.
Commenting on the license, AIG President and Chief Executive Officer Martin Sullivan noted, “We are pleased that the government of Vietnam will grant AIUI a general insurance license, the first U.S.-based insurer to receive such a license in Vietnam.
“AIG’s history in Vietnam dates back to the 1920s. We returned in 1993 as the first insurance organization to obtain representative office status, and in 2000 we received the first life insurance license granted to a U.S.-based insurer. Since then, AIG’s life operations in Vietnam have grown rapidly, with more than 20,000 agents currently serving the market. The ability to offer general insurance products in the country presents an additional opportunity to participate in the growth and development of Vietnam and in the region.”
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