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AIG Vietnam maintains is solvent   2009-03-05 - DTCK

The worrisome news about the US largest insurance group --AIG --caused concern about the solvency of AIG non-life and life insurance subsidiaries in Viet Nam. Yesterday March 3, AIG Vietnam worked with Vietnamese Ministry of Finance's Insurance

Management and Supervision Department and the insurer confirmed its operation sustainability now and in the next time in the country.

Last week, AIG Vietnam was requested to report operation situation of the US based parent company. An official from the insurance management agency reported that through the check on financial strength of AIG Vietnam, the insurer has not yet shown any extraordinary problem. Despite AIG group recently announced the huge loss of approximately US$62 billion in the fourth quarter of 2008, two subsidiaries of the group in Vietnam have not yet suffered any affect from the business failure.

According to the latest statistics of the insurance management and supervision department, AIG Vietnam still can keep sustainable growth rate of 20.66%, higher than the average level of the country's insurance market.

AIG life and non-life insurance companies in Vietnam are under the management of AIG Asia that often posted a good performance during the past years including 2008 whereas sub-prime market operations brought big losses to the US based holding group. The loss figures will be recorded in the unified business report of AIG group. It seemed that AIG Vietnam was involved in the misfortune.

A source said that AIG group could separate insurance segment from its general operations, particularly AIG insurance branch in Asia, meaning that AIG Asia will become an independent company from the AIG Holding Group and the group could be a shareholder of the subsidiary company. Financers assessed that the move will make AIG Group's business reports clearer.

Meanwhile, the subsidiaries of AIG in 100 nations are under over 300 management agencies of local governance. Recently US government announced to fund extra US$30 billion for AIG holding to reassure the over 30 agencies.

In Viet Nam, investors are worried whether their interests will be protected absolutely or not. However, two subsidiaries of AIG in Viet Nam have not signalled violations as well as sudden changes.

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