AIG Announces Closing of American General Acquisition

August 30, 2001

American International Group, Inc. (AIG) announced today the closing of its acquisition of American General Corporation (American General).

Based on the closing date of Aug. 29, American General shareholders will receive 0.5790 of a share of AIG common stock in exchange for each share of American General common stock.

The closing today is consistent with the prior disclosure by AIG and American General of their intent to close the transaction as soon as possible after the approval by American General shareholders and various regulatory agencies. The final approval, from the Texas Department of Insurance, was received August 28.

In addition, AIG announced that its Board of Directors has revoked its previously existing authorization to purchase AIG common stock in the open market.

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