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SINGAPORE: AIG's assets in Southeast Asia are not up for sale, even though its parent company in America is grappling with liquidity issues.
Leslie Mouat, regional president, AIG Southeast Asia, said: "Foreign non-life business globally is not for sale and particularly out in Asia. Let the competitors try and catch us, but they haven't done a good job so far."
At a news conference held on Monday, the company came out to assure individual and corporate non-life insurance policy holders that AIG Singapore and Southeast Asia is well-capitalised and solvent.
It said its assets are ring-fenced in the region, with nothing going to its troubled parent company.
Its Singapore branch even saw 19.2 per cent year-on-year growth in September, despite the current financial chaos.
The company has no plans for lay-offs in the region, despite seeing three resignations in the past two weeks.
It is unable to provide figures on the cancellation or non-renewal of motor, home or travel insurance policies. But it did say it is working hard now to regain consumers' confidence. - CNA/vm
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