SINGAPORE: AIG’s assets in Southeast Asia are not up for sale, even though its parent company in America is grappling with liquidity issues.<script language="javascript">if(window.yzq_d==null)window.yzq_d=new Object(); window.yzq_d['6cMiCXxsfDI-']='&U=13fidjg9l%2fN%3d6cMiCXxsfDI-%2fC%3d561733.12895616.13214692.2013436%2fD%3dLREC%2fB%3d5497488%2fV%3d1'; </script><noscript>
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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
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
