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AIG’s losses in US won’t affect VN   2009-03-14 - VietNamNet/VNS

 Earlier this month, the Mnistry of Finance’s insurance management and supervision department asked embattled insurer AIG for information about the US$62 billion loss incurred by its parent company in the US. Terence Anderson, general director of AIG General Insurance Vietnam, talked about the impact of the loss on AIG Vietnam.

What was in the business report AIG Vietnam recently submitted to the Insurance Management and Supervision Department?

We issued our annual report as required by the Ministry of Finance and which all insurance companies are required to do.

How will AIG subsidiaries in Vietnam escape the fallout of the $62 billion Q4 loss incurred by the group in the US?

The insurance industry world-wide is highly regulated by regulatory bodies and we are no different. Our operations here more than meet the minimum solvency requirements and our policy holders, both current and future, are well protected for all of their liabilities.

How do you propose to shield your policy-holders in Vietnam from the effects of AIG’s problems elsewhere?

As mentioned in the previous question and my subsequent answer, the insurance industry is highly regulated and we have more than enough capability to meet all of our obligations to our policy holders.

AIG recently announced that it intended to form a General Insurance holding company, to be called AIU Holding, Inc. This includes American Insurance Underwriters, of which our businesses in AIG General Insurance Vietnam are a part.

The formation of AIU Holdings will be seamless and have no effect on our global operations. AIU holdings has $26 billion in surplus and last year we declared a profit of $1 billion. The insurance operations, including those in Vietnam, are financially strong and we are more than adequately capitalised to meet all current and future liabilities of our policy holders.

When do you expect the global economy and companies to recover? Do you expect more giant companies to go under?

This is a difficult question to answer, but one can only hope the sooner the better.

Where do you see AIG going from here both globally and in Vietnam ?

Vietnam is an important market for us and we are fully committed to growing our business here. We are continuing to offer new products and services to the business community and individuals. We are making good progress and in the long term, I can see Vietnam being one, if not the largest, insurance market in Southeast Asia.

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