Fixed Annuity Rate
Fixed Annuity Rate
should I immediately cancel and try to withdraw all my funds from a SunFirst America/AIG fixed rate annuity? ?
Hi, there is an article in the Wallstreet Journal today about your exact question – should AIG insurance policy holders be worried? The short answer is probably not – don’t panic. Here is a PR release from AIG today. The reason you don’t need to panic is that there are procedures and rules in place in the event an insurance company goes broke so you won’t loose the value of your insurance policy or annuity. If you have access to wsj.com you can search for the article. It appeared today 9/16/2008.
NEW YORK–(BUSINESS WIRE)–September 16, 2008–
American International Group, Inc. (AIG) today said that AIG’s life insurance, general insurance and retirement services businesses, including its extensive Asian operations, continue to operate normally and remain adequately capitalized and fully capable of meeting their obligations to policyholders.
AIG continues to pursue alternatives to increase short-term liquidity in the parent company. Those plans do not include any effort to reduce the capital of any of its subsidiaries or to tap into Asian operations for liquidity.
The insurance policies written by AIG companies are direct obligations of its regulated subsidiary insurance companies around the world. These companies are well capitalized and meet or exceed local regulatory capital requirements. The companies continue to operate in the normal course to meet obligations to policyholders. In particular, AIG noted its long tradition of service in Asian markets, which are key to AIG’s future growth. Founded in Shanghai in 1919, Asia is home to some of AIG’s oldest and most valued clients.
The AIG companies are fully committed to maintaining required capital levels in all of its subsidiaries and to meeting the needs of their customers around the world.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
CONTACT: American International Group, Inc. News Media: Nick Ashooh, 212-770-3523 or Investment Community: Charlene Hamrah, 212-770-7074 SOURCE: American International Group, Inc. Copyright Business Wire 2008
Annuity is Key to Secure Retirement
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