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AIG SA solidifies its separate and profitable status

28 July 2009 AIG

AIU Holdings in New York, of which AIG SA is a part, today announced the rebranding of its worldwide property-casualty and general insurance operations to Chartis. This is an important step in the creation of a distinct entity separate from AIG Inc, and isolated from its challenges.

According to Wayne Abraham, Chief Operating Officer of AIG Africa, “Chartis will be a market leader from day one, with a combined statutory surplus of US$32.1 billion worldwide at year-end 2008.” Chartis serves more than 40 million clients in over 160 countries and jurisdictions.

Abraham noted that the name change would not impact clients and that no action was required on their part.

“The rebranding does not affect clients’ policies which remain in force with no amendments required. We continue to be committed to providing superior service and upholding our obligations to clients.”

Earlier this year AIG Inc. announced that it was transferring the worldwide property-casualty and general insurance operations of AIG (known as AIU Holdings Inc) into a special purpose vehicle, in order to position the 90 year-old franchise as a separate and distinct entity from AIG Inc. A new brand is the next, critical step in positioning the Chartis franchise as an independent company.

The AIG South Africa companies, which include AIG South Africa Limited and AIG Life South Africa Ltd, intend to transition to the Chartis identity and to implement the rebranding process over the next three months.

Abraham said that while the changeover is taking place, business will continue as usual.

“We will continue to pay valid claims and write new business as usual. We have strong balance sheets and continue to remain adequately capitalised and fully capable of meeting our obligations to policyholders.”

Chartis’s local operations are highly regulated by South African insurance regulators and the assets and capital base of AIG South Africa Limited and AIG Life South Africa are protected and cannot be accessed by AIG Inc.

On the 8th of May this year AIG South Africa and AIG Life South Africa (now to be rebranded to Chartis) reported a combined profit for the 1st quarter of 2009 of R60.5 million, up 61% from 2008.

“We are excited to become part of a new global brand, separate from AIG Inc, while continuing to be a profitable, expanding business.”

AIU Holdings also today announced the appointment of Kristian P. Moor as the Global President and Chief Executive Officer and Nicholas C. Walsh as Vice Chairman of Chartis Inc.

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