The new unit will be developed in the more than 70 countries that AIG currently has local life insurance offices in. AIG plans to capitalize on its global network, brand recognition, and the current international distribution force in developing this international savings unit.
AIG Chairman M.R. Greenberg commenting on the announcement said, “the need for individuals to provide for their own retirement is a worldwide issue, especially in the large majority of countries where state run pension programs are inadequate”.
Heading up the new international unit will be AIG’s current Executive Vice President, Retirement Savings and Vice Chairman of SunAmerica’s Board of Directors John Graf.
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