<PAGE>   1
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ J. Evans Attwell
                                    ------------------------------
                                    J. Evans Attwell
<PAGE>   2
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ Brady F. Carruth
                                    ------------------------------
                                    Brady F. Carruth
<PAGE>   3
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ W. Lipscomb Davis, Jr.
                                    ------------------------------
                                    W. Lipscomb Davis, Jr.
<PAGE>   4
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ Robert M. Devlin
                                    ------------------------------
                                    Robert M. Devlin
<PAGE>   5
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ Larry D. Horner
                                    ------------------------------
                                    Larry D. Horner
<PAGE>   6
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ Richard J.V. Johnson
                                    ------------------------------
                                    Richard J.V. Johnson
<PAGE>   7
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ Robert E. Smittcamp
                                    ------------------------------
                                    Robert E. Smittcamp
<PAGE>   8
 
American General Corporation: Board of Directors
 
Date:          February 8, 1996
Subject:       Form 10-K; Limited Power of Attorney for
 
Purpose.      The purpose of this limited power of attorney is to authorize
certain officers of the company to execute, on behalf of the undersigned person,
the company's 1995 annual report on Form 10-K, with such amendments thereto as
may be necessary or appropriate, together with any and all exhibits and other
related documents, and to file the Form 10-K with the SEC.
 
                           LIMITED POWER OF ATTORNEY
 
                WHEREAS, AMERICAN GENERAL CORPORATION, a Texas corporation
(company), will file with the Securities and Exchange Commission (Commission)
under Section 13 of the Securities Exchange Act of 1934, as amended (Act), its
annual report on Form 10-K for the fiscal year ended December 31, 1995 (Form
10-K), with such amendments thereto as may be necessary or appropriate, together
with any and all exhibits and other documents related thereto;
 
                NOW, THEREFORE, the undersigned in his capacity as a director or
officer or both, as the case may be, of the company does hereby appoint AUSTIN
P. YOUNG, JON P. NEWTON, and JOHN A. ADKINS, and each of them, severally, his
true and lawful attorney or attorneys-in-fact with or without the others and
with full power of substitution and resubstitution, to execute in his name,
place, and stead, in his capacity as a director or officer or both, as the case
may be, of the company, the Form 10-K and any and all amendments thereto as said
attorneys-in-fact or any of them shall deem necessary or appropriate, together
with all instruments necessary or incidental in connection therewith, and to
file the same or cause the same to be filed with the Commission. Each of said
attorneys-in-fact shall have full power and authority to do and perform in the
name and on behalf of the undersigned, in any and all capacities, every act
whatsoever necessary or desirable in connection with the Form 10-K, as fully and
for all intents and purposes as the undersigned might or could do in person, the
undersigned hereby ratifying and approving the acts of said attorneys-in-fact
and each of them.
 
                IN WITNESS WHEREOF, the undersigned has executed this instrument
this eighth day of February, 1996.
 
                                    /s/ Anne M. Tatlock
                                    ------------------------------
                                    Anne M. Tatlock