NEW YORK and LOS ANGELES, November 18, 1998 – American International Group, Inc. (NYSE: AIG) and SunAmerica Inc. (NYSE: SAI) announced today that the merger of SAI into AIG has been approved by the shareholders of both companies. The parties expect the transaction to close in late 1998 or early 1999.
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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.
SunAmerica is a financial services company specializing in retirement savings and investment products and services. Together, the SunAmerica life insurance companies rank among the largest U.S. issuers of tax-deferred fixed and variable annuities and guaranteed investment contracts. Complementing these operations are SunAmerica’s asset management company, six wholly owned broker-dealers, a trust company and a premium finance company. SunAmerica common stock is listed on the New York Stock Exchange and Pacific Coast Stock Exchange.
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