HOUSTON, May 21 /PRNewswire/ -- American General Corporation (NYSE: AGC)
today reported that American General Annuity Insurance Company, formerly
Western National Life, has completed the previously announced acquisition of
substantially all of the in-force individual and tax-sheltered annuity
business of Provident Companies, Inc. (NYSE: PVT). The annuities acquired
increase American General's reserves by more than $2 billion.
The acquisition of Provident's portfolio of individual annuities
complements American General's existing annuity business and expands the
company's presence in one of the fastest-growing segments of the financial
services industry. American General's retirement services division, which
includes American General Annuity and VALIC, is the nation's third-largest
writer of individual annuities and an industry leader in both the
non-qualified and qualified annuity markets.
American General Corporation is one of the nation's largest diversified
financial services organizations with assets of $96 billion and market
capitalization of $18 billion. Headquartered in Houston, it is a leading
provider of retirement services, life insurance, and consumer loans to 12
million customers. American General common stock is listed on the New York,
Pacific, London, and Swiss stock exchanges.
SOURCE American General Corporation
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CONTACT:
Investors: David W. Entrekin, Vice President
- Investor Relations, 212-446-3109; or Media: John E. Pluhowski,
Director - Corporate Communications, 713-831-1149, both of
American General Corporation
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