china-hotel china-hotels
Home China Global
Info Center
Destinations Flight Comparison Community guangzhou-hotels
My Account
canton-fair-hotel
AIG's China Division Reassures Policyholders
Update: 9/19/2008 11:41:00 AM Source: China Hotels

 

An billboard of American International Assurance (AIA), an insurance subsidiary of AIG in China, in this file photo taken in Shanghai, July 29, 2007. AIA yesterday assured Chinese policyholders that it's business as usual. [Asianewsphoto]




The Shanghai-based China unit of troubled US insurance giant American International Group, AIG, yesterday assured Chinese policyholders that it's business as usual.

American International Assurance (AIA), a wholly owned subsidiary of AIG and China's largest foreign-owned life insurer by premium, said in a statement that it is well capitalized and able to meet local regulatory capital requirements.

The statement said AIG's liquidity problem would not affect the interests of Chinese policyholders, and AIA "remains confident in the future of the Chinese market while continuing to operate normally to meet its obligations to policyholders".

In a statement issued earlier by AIG, the underwriter also assured its policyholders that it would "remain adequately capitalized" and "continue to seek alternatives to increase short-term liquidity".

In particular, AIG noted its long tradition of service in Asian markets. Asia is home to some of AIG's oldest and most valued clients, it said.

In China, the insurer operates two subsidiaries, AIA and AIG General Insurance Co China Ltd, both of which are headquartered in Shanghai.

The US Federal Reserve's move to bail out the insurer with $85 billion has ended speculation about the possible sale of AIG's subsidiaries, said Shen Wei from AIA's corporate communications department.

Wang Xiaogang, an analyst from Oriental Securities, also said the bailout could help restore consumer confidence and would have a positive impact on the company and its China business.

In China, AIA reported a total premium of over 4.5 billion yuan ($658.38 million) in the first seven months of this year, down 4.6 percent year-on-year, according to the China Insurance Regulatory Commission.

AIG General Insurance Co China Ltd reported a total premium of 536 million yuan in the same period, up 19 percent.



Editor: canton fair


Canton Fair Hotel Special  Hong Kong Hotel Deals  Compare and Reserve International Flights

canton-fair-hotel

Related News

  • Chinese Shares Breach 2,000-point Mark
  • China's August Inflation Falls to 4.9%
  • Report: 20% of Shore Polluted in Guangdong
  • Foshan, Guangzhou Ranks the 7th and 10th in Forbes' Best Commercial Cities
  • Coca-Cola Offers $2.3b Bid for Huiyuan
  • Canton Fair Hotels | Canton Fair Hotel | Canton Fair Review | Canton Fair 2011 | 109th Canton Fair | China Hotels Review | Canton Fair
    Site Map | About Us | Terms and Conditions | Privacy | Communities | Contact Us | Links
    Foire de Canton Hôtels Chine | La Feria de CANTÓN Hoteles | Übersicht Kanton-Messe Hotels | Fiera di Canton Hotel Cina | Feira de Canton Hotéis
    Canton Fair 2011 | Shanghai Hotels | Guangzhou Hotels | Shenzhen Hotels | Dongguan Hotels | Beijing Hotels | China Hotels | China Accommodation
    Hangzhou Hotel | Shanghai Hotel | Guangzhou Hotel | Shenzhen Hotel | Dongguan Hotel | Beijing Hotel | Canton Fair | XiAn Hotel | Qingdao Hotel
    Hong Kong Hotels | Taipei Hotels | Tokyo Hotels | Los Angeles Hotels | Las Vegas Hotels | New York Hotels | HongKong Hotels | Frankfurt Hotels
    Copyright@2011, WenTrip.com. All Rights Reserved.