American General Life Insurance Company
 |
|
| Public | |
| Traded as | : AIG S&P 100 Component S&P 500 Component |
| Industry |
Insurance Financial services |
| Founded | 1919 Shanghai, China |
| Founder | Cornelius Vander Starr |
| Headquarters | New York City, New York, United States |
|
Area served
|
Worldwide |
|
Key people
|
Douglas Steenland (Non-executive Chairman) (President & CEO) |
| Products | Insurance, Property Casualty: Commercial & Consumer, Life & Retirement, Mortgage Insurance |
| Revenue |
 US$ 52.4 billion (2016) |
|
US$ 74 million (2016) |
|
|
US$ 349 million (2016) |
|
| Total assets |
 US$ 498.3 billion (2016) |
| Total equity |
US$ 76.9 billion (2016) |
|
Number of employees
|
Approximately 56,400 (2016) |
| Website | www |
Douglas Steenland (Non-executive Chairman)
American International Group, Inc., also known as AIG, is an American multinational insurance corporation with operations in more than 80 countries and jurisdictions. As of December 31, 2016, AIG companies employed 56,400 people. The company operates through three core businesses: Consumer Insurance (49% of 2016 revenues), Commercial Insurance (43% of 2016 revenues), and Other Operations (8% of 2016 revenues). Commercial Insurance includes Liability and Financial Lines and Property and Speciality Risks. Consumer Insurance includes Individual Retirement, Group Retirement, Life Insurance, and Personal Insurance. Other Operations includes run off insurance lines and legacy investments.
AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 49th on the 2016 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2016 AIG had $76.3 billion in shareholder equity.
AIG was a central player in the financial crisis of 2008. It was bailed out by the federal government for $180 billion, and the government took control. The Financial Crisis Inquiry Commission (FCIC) of the US government concluded AIG failed primarily because it sold massive amounts of insurance without hedging its investment. Its enormous sales of credit default swaps were made without putting up initial collateral, setting aside capital reserves, or hedging its exposure — a profound failure in corporate governance, particularly its risk-management practices."
AIG traces its roots back to 1919, when American Cornelius Vander Starr (1892-1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. Business grew rapidly, and two years later, Starr formed a life insurance operation. By the late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines, Indonesia, and Malaysia. In 1926, Mr. Starr opened his first office in the United States, American International Underwriters Corporation (AIU). He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba. The steady growth of the Latin American agencies proved significant as it would offset the decline in business from Asia due to the impending World War II. In 1939, Mr. Starr moved his headquarters from Shanghai, China, to New York City.
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Wikipedia