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AIG Completes GE Edison Life Acquisition

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NU Online News Service, Aug. 29, 2003, 3:35 p.m. EDT – American International Group Inc., New York, says it has completed the previously announced acquisition of GE Edison Life Insurance Company, Tokyo, from General Electric Company, Fairfield, Conn.

AIG also has completed the acquisition of GE’s U.S. auto and homeowners insurance operations.

AIG is paying GE about $2.1 billion for all three businesses.

AIG already owns two other life insurance companies in Japan, AIG Star Life Insurance Company Ltd. and ALICO Japan. Analysts at Standard & Poor’s, New York, have estimated that AIG now controls about 4% of the Japanese life market, based on statutory premiums.

GE formed GE Edison by acquiring the business operations of Toho Mutual Life Insurance Company, Tokyo, a struggling Japanese life insurer, in 1999. AIG plans to rename the company AIG Edison Life Insurance Company.