AIG India insurance ventures well capitalised - firm
NEW DELHI (Reuters) - A life insurance venture between India's Tata Group and American International Group said it is well capitalised and does not expect any material impact from the turmoil in global financial markets.
U.S. authorities this week extended an emergency $85 billion lifeline to shore up troubled AIG.
"Our local solvency margin as at the end of August 2008 stood at over 300 percent compared to the regulatory minimum of 150 percent," Tata AIG Life said in a statement on Thursday.
The solvency margin is the extent to which an insurance company's assets exceed its liabilities. Indian regulations require a solvency margin of 150 percent.
AIG is the minority partner with the Tata Group in two ventures, holding 26 percent each in Tata AIG Life Insurance Co Ltd and Tata AIG General Insurance Co Ltd.
Separately, AIG said its general insurance business and an asset management company were also well capitalised, and its consumer finance and captive software operations were operating in "their normal course".
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