Sign up | Log in



AIG Group affirms continued business operations in Thailand


October 7, 2008

AIG Group affirms continued business operations in Thailand

The American insurance giant AIG Group in Thailand on Monday affirmed that companies under its umbrella had a sound financial position and would continue operating in the country, reported state news agency TNA.

The group comprising American International Assurance (AIA), AIG Retail Bank, and New Hampshire Insurance reiterated its stance despite an announcement by the United States-based AIG Group, its parent company, that it would dispose of some stakes in AIA Holding Company in New York as part of a plan to seek new strategic business partners and restructure its shareholding.

Thailand Hotel

Thomas James White, AIA Thailand's executive vice president, said the company remains confident that it will retain its leadership in the life insurance business in Thailand and is ready to serve its clientele as usual.

The financial difficulties its parent firm is experiencing from the US economic crisis has not impacted its competence in serving customers and payment of claims under terms and conditions stated in its insurance policies.

Although there were news reports about the US financial crisis, he said, over 99 percent of AIA's customers in Thailand remain confident in continuing to hold the company's insurance policies. As of the end of July, the company had total assets of about Bt383 billion.

However, he conceded that AIG needs to seek new strategic business partners to strengthen its stability.

Charly Madan, president of AIG Retail Bank (Thailand), said the restructuring of its parent company's shareholdings would have no impact on the bank's performance.

"We can give our customers assurances for their deposits with us," he said.

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand