ALICO AIG Life Ukraine financial position remains stable and strong - AIG press-release
Dear clients and partners,
According to the official information, released by Associated Press on September 16, 2008, U.S. Federal Reserve has provided $85 billion loan to AIG in exchange to 79.9% stake in the company. These steps are taken in the interest of promoting stability in financial markets and limiting damage to the broader economy. Such unprecedented move from U.S. government is not only demonstrating the importance of AIG to the world economy, but also provides the highest level of guarantees and opens new opportunities for AIG.The U.S. crisis will not be affecting neither ALICO, nor ALICO AIG Life Ukraine, nor its sister companies in other countries and their ability to fulfil the obligations towards clients and partners, as AIG’s subsidiaries around the world are independent stand-alone legal entities, subject to regulations at several levels, including government. Those regulations include requirements to maintain adequate capital and reserves necessary to satisfy obligations to policy holders, independently in each country.The insurance policies written by ALICO AIG Life in Ukraine are direct obligations of this company and are fully in line with all local regulatory requirements. The company’s financial position remains stable and strong, significantly exceeding regulatory requirements. As of August 31, 2008, ALICO AIG Life Ukraine maintains reserves of UAH 288.6mn, and the assets are UAH 324.1mn. Company’s ability to fully commit on its obligations has been confirmed by independent and regulatory audits.The company continues to operate in the normal course to meet its obligations to all policyholders and partners and further provision of quality life insurance services to existing and prospective clients.