Ministry of Finance asks AIG Vietnam to submit business report

VietNamNet Bridge, Feb 27, 2009. The Insurance Management Agency, under the Ministry of Finance, has asked two AIG life and non-life insurance companies in Vietnam to present official reports about the information relating to the $ 60 billion loss incurred by their parent company in the US.

The agency said that after reading the news about the loss, it has asked AIG Vietnam to submit a business report, which the agency will consider thoroughly to help settle problems and set orientations for AIG’s operation in Vietnam.

Reuters has reported that the world’s leading finance service provider and insurance group AIG is negotiating with the US administration to get a further bailout after twice getting a capital injection in 2008. A source said that AIG may incur the loss of up to $ 60 billion in the fourth quarter of the 2008 fiscal year (which will end in March 2009).

The US-based AIG group has two subsidiaries in Vietnam, 100% foreign-owned, life and non-life insurance companies. AIG Life Insurance began its operation in Vietnam in 1999, which now has the chartered capital of VND920 billion. Meanwhile, AIG Non-life Insurance Company kicked off its operation in December 2005 with the chartered capital of VND320 billion.

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