The Shanghai-based China unit of troubled US insurance giant American International Group, AIG, yesterday assured Chinese policyholders that it's business as usual.
American International Assurance (AIA), a wholly owned subsidiary of AIG and China's largest foreign-owned life insurer by premium, said in a statement that it is well capitalized and able to meet local regulatory capital requirements.
The statement said AIG's liquidity problem would not affect the interests of Chinese policyholders, and AIA "remains confident in the future of the Chinese market while continuing to operate normally to meet its obligations to policyholders".
In particular, AIG noted its long tradition of service in Asian markets. Asia is home to some of AIG's oldest and most valued clients, it said.
In China, the insurer operates two subsidiaries, AIA and AIG General Insurance Co China Ltd, both of which are headquartered in Shanghai.
The US Federal Reserve's move to bail out the insurer with $85 billion has ended speculation about the possible sale of AIG's subsidiaries, said Shen Wei from AIA's corporate communications department.
Wang Xiaogang, an analyst from Oriental Securities, also said the bailout could help restore consumer confidence and would have a positive impact on the company and its China business.
In China, AIA reported a total premium of over 4.5 billion yuan in the first seven months of this year, down 4.6 percent year-on-year, according to the China Insurance Regulatory Commission.
AIG General Insurance Co China Ltd reported a total premium of 536 million yuan in the same period, up 19 percent.
Questions:
1. What was the name of the Shanghai-based subsidiary of the troubled US insurance giant American International Group?
2. How much did the US Federal Reserve's pay to bail out the troubled insurer?
Answers:
1. American International Assurance.
2. $85 billion.
（英語點津 Helen 編輯）
Brendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.
He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.
Brendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.
