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Business as usual for AIG in NZ: Pierce

Wednesday 17th September 2008

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While American International Group's Standard and Poor's rating has been put on credit watch with negative implications the rating of the New Zealand business remains unchanged.

AIG New Zealand chief executive David Pierce says, in a note to advisers, that "AIG Life's Standard and Poor's rating in New Zealand is unchanged at AA+, one of the highest of any insurer in the country.

"This combined with AIG Life's recent growth and profitability makes it business as usual for us in New Zealand.

"Should this situation change, AIG Life remains committed to providing prompt and open communications to the New Zealand market."

Pierce says AIG is committed to maintaining the strength necessary to meet its customers' needs.

He describes the events in the financial markets over the past few days as being "truly extraordinary".

"Although AIG faces short-term liquidity pressures, we have strong, well-positioned businesses in diverse markets around the world and a deep asset base. We can assure our customers of AIG's commitment to meeting their needs and keeping their business.

"The insurance policies written by AIG companies are direct obligations of our regulated insurance companies around the world. These companies are well-capitalised and are subject to stringent regulatory and capital requirements. These companies continue to operate in the normal course to meet our obligations to our policyholders."

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