NEW YORK, January 13, 1998 – American International Group, Inc. (AIG) and United HealthCare Corporation have formed AIG United HealthCare, LLC, a joint venture company that will establish jointly-owned health care services organizations initially in selected Asian countries to provide progressive health care management services.
AIG and United HealthCare will each have 50 percent ownership in AIG United HealthCare, LLC. The joint venture’s first jointly-owned health care services organization, AIA United HealthCare Limited, has been established in Hong Kong and expects to begin enrolling members in the first quarter of 1998.
“This joint venture presents a great opportunity for AIG and United HealthCare to provide the proven health care management and cost containment techniques that the medical care markets in Asia will increasingly require,” said Gregory Arms, Director, AIG Group Management Division. “By bringing together AIG’s strong insurance and employee benefits franchise in these regions with United HealthCare’s proven expertise in providing quality, innovative health coverage, we believe we can help employers provide affordable health care benefits and access to quality health care services.”
Henry Loubet, CEO, Pacific Region, United HealthCare Corporation, said, “Health care systems around the world are starting to migrate to the health plan models and services found successful by United HealthCare. We will work closely with AIG – already a dominant force in the Asian insurance market – to tailor programs to meet the distinct needs of these markets. This joint venture is an excellent opportunity to deliver quality health care services to a significant part of the world’s population.”
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AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
United HealthCare Corporation (NYSE: UNH) is a United States leader in health care management, serving purchasers, consumers, managers and providers of health care since 1974. The company offers a broad continuum of health care products and services, including HMOs, point of service, PPOs and managed indemnity programs, as well as managed mental health and substance abuse services; utilization management; workers’ compensation and disability management services; specialized provider networks; employee assistance services and other health care information programs; Medicare and managed care programs for the aged; managed Medicaid services; managed pharmacy; health care evaluation services; information systems and administrative services.
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