PULL OUT
August 20, 2014
US Insurance Group AIG Colombo Office, General Manager Baldev Singh in a letter stated, "After careful consideration and an in-depth review, we have decided to withdraw from the Sri Lanka market." He further states the decision was based on the assessment of current size, future potential cost of capital and various other performances and economic indicators. "The decision in no way reflects our view of Sri Lanka, its regulatory environment, or the quality of its employee base," he added. The AIG has stopped renewing client's monthly policy from August 1. However, the policy cover will remain active till August 31, the General Manager noted. AIG which serves more than 70 million clients around the world having its operations in more than 130 countries and jurisdictions, deals with commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
August 20, 2014US Insurance Group AIG Colombo Office, General Manager Baldev Singh in a letter stated, "After careful consideration and an in-depth review, we have decided to withdraw from the Sri Lanka market." He further states the decision was based on the assessment of current size, future potential cost of capital and various other performances and economic indicators. "The decision in no way reflects our view of Sri Lanka, its regulatory environment, or the quality of its employee base," he added. The AIG has stopped renewing client's monthly policy from August 1. However, the policy cover will remain active till August 31, the General Manager noted. AIG which serves more than 70 million clients around the world having its operations in more than 130 countries and jurisdictions, deals with commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
