AIA assures policy holders of financial strength

By The Nation

American International Assurance (AIA), the largest life insurer in Thailand with a market share of over 50 per cent, will shortly inform all of its policyholders here by letter of its financial status.

In an internal memo sent to employees, Thomas James White, the senior AIA executive for Asia, said Thailand's Office of Insurance Commission (OIC) had helped reassure the general public of AIA's operation in Thailand is financially healthy.

He said AIA's top executives in Thailand will meet representatives of the mass media, including TV news programmes to clarify the situation of American International Group, AIA's US-based parent firm.

The company will send a clarification letter to all policy holders in Thailand today.

According to White, the US government, which has provided financial assistance to AIG, has no interest in entering into the insurance business, but only wanted to help.

At this stage, the management also reassured employees that there would not be an expenditure budget cut so salaries and bonuses as well as advertising budget will remain unchanged.

The company said later on the day that no policy holder has surrendered life policies, like what happened in Singapore.

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AIA assures policy holders of financial strength

American International Assurance (AIA), the largest life insurer in Thailand with a market share of over 50 per cent, will shortly inform all of its policyholders here by letter of its financial status.

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