American International CEO Plays Down Asbestos Charges
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Published January 31, 2003

Maurice Greenberg, Chief Executive of American International Group Inc. 
(NYSE:AIG), said that the insurer did not have a major problem with 
asbestos, and that the next chief of AIG would come from inside the 
company.
 
Mr. Greenberg allayed fears that AIG would be the next insurer to take 
a massive hit on shoring up reserves for asbestos claims, after rivals 
ACE Ltd. (NYSE:ACE) and Travelers Property Casualty Corp. (NYSE:TAPa) 
recently took large asbestos charges.  Hartford Financial Services 
Group (NYSE:HIG) said it was reviewing its asbestos exposure, likely 
clearing the way for a charge in the second quarter.

"We review reserves toward the end of the year, we are in the midst of 
doing that," Mr. Greenberg said, speaking at a Salomon Smith Barney 
financial services analyst conference.  "If we require to increase 
reserves, we will do so . We do not have a great deal of asbestos 
exposure -- we were a very small company at the time asbestos became a 
problem for others. It's not a major problem for us."

The release of AIG's fourth-quarter and year-end results -- which would 
detail any increase in reserves -- is expected on Feb. 13.


COMPANY PROFILE

American International Group, Inc. (NYSE: AIG) 
70 Pine St.
New York, NY 10270    
Phone: 212-770-7000
Fax: 212-509-9705 
http://www.aig.com 

Employees               : 81,000 
Revenue                 : $55,459,000,000
Net Income              : $5,363,000,000
Assets                  : $492,982,000,000
Liabilities             : $440,832,000,000
(As of December 31, 2001)
  
Description: Helmed by financial legend Maurice "Hank" Greenberg, 
American International Group (AIG) is one of the world's largest 
insurance firms.  Best known domestically as a leading provider of 
property & casualty and specialty insurance, AIG also has strong life 
insurance operations abroad and is a presence in financial services and 
asset management (purchases have included leading annuities firm 
SunAmerica and other companies specializing in retail financial 
markets).  Other operations include auto insurance, mortgage guaranty, 
annuities, and aircraft leasing.


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