Japan Post Holdings's subsidiaries Japan Post Bank and Japan Post Network have selected ALICO Japan, a division of AIG's American Life Insurance Company, as a provider of variable annuity products for their respective customers.

As part of the relationship, ALICO Japan has also been selected to develop a variable annuity product with a flexible premium payment function designed to suit the needs of Japan Post Bank and Japan Post Network customers.

The new product will be sold, starting May 2008, through the first registered offices in Japan Post Bank’s 234 branchs and Japan Post Network’s 24,600 offices.

Robert Clyde, chairman, president and CEO of American International Group (AIG) in Japan and Korea, said: Adding our variable annuity products to the array of Japan Post offerings speaks to the success we’ve collectively achieved thus far, and we look forward to working together for years to come.