Confirming the commitment made last June (See IJ Website June 24) the Vietnamese government has formally issued a license to American International Underwriters Overseas Ltd., a subsidiary of AIG, to conduct general insurance business in the country.
The license is the first to be granted to a U.S.-based foreign insurer. AIG will operate through a separate company, AIG Vietnam General Insurance Company Limited, which will market P/C products to both individuals and businesses. It will be headquartered in Hanoi, with a branch in Ho Chi Minh City, and expects to begin operations at the start of next year.
AIG president and CEO Martin J. Sullivan commented: “The license we received today further strengthens our commitment to Vietnam and our ability to contribute to Vietnam’s continued economic growth and success.”
When the decision was first announced last June, Sullivan noted: ” 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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