American International Group Inc (AIG) - Company Profile
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Business Description
American International Group Inc (AIG) is a provider of multi-line insurance products. The group provides a range of life insurance, property casualty insurance, retirement products and other financial services to individuals and businesses. It operates in about 190 countries and jurisdictions spanning the Americas, Europe, the Middle East, Africa, and Asia Pacific.
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Business Segments
Overview
Offers personal and commercial lines of insurance products. Provides insurance products for general liability, directors and officers liability, workers’ compensation, environmental, commercial automobile liability, cyber risk, kidnap and ransom, errors and omissions, property, marine, aerospace, political risk, trade credit, accident and health, and travel. Also offers personal auto and property insurance that includes coverage for auto, umbrella, homeowners, fine art, yacht, and collections in selected international markets; and insurance for high net worth individuals through AIG Private Client Group (PCG) in the US. Markets and distributes products through brokers, captive and independent agents, affinity partners, retailers, and airlines and travel agents in North America and other countries. In North America, it operates in the US, Canada and Bermuda. Internationally, it operates in Japan, Asia Pacific, Europe, the UK, Australia, Latin America, Puerto Rico, the Middle East and Africa. Operates through subsidiaries including National Union Fire Insurance Company of Pittsburgh, AIG Asia Pacific Insurance, Pte, Ltd., American Home Assurance Company, AIG General Insurance Company, Ltd, Lexington Insurance Company, American International Group UK Limited, Glatfelter Insurance Group, Western World Insurance Group, Inc and AIG Europe SA. Intends to harness capital efficiently and diversify its portfolio optimally to grow in profitable lines, customer segments, and regions. It seeks to grow inorganically by tapping opportunities in profitable segments and markets to increase geographic presence and enhance capabilities. It also intends to focus on best underwriting practices, improving risk selection, and building robust monitoring standards to achieve underwriting excellence. It plans to partner with reinsurers to decrease exposure to losses resulting from catastrophic events.
Performance
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Overview
Operates through four sub-segments: Individual Retirement, Group Retirement, Life Insurance and Institutional Markets. Individual Retirement sub-segment offers variable annuities, fixed index annuities, single premium fixed annuities, immediate annuities, deferred income annuities and retail mutual funds through banks, wirehouses, independent insurance agents, independent marketing organizations and broker dealers. Group Retirement sub-segment offers group mutual funds, individual annuities, group variable annuities, group fixed annuities, investment products, and financial planning and advisory services under AIG Retirement Services. Life Insurance sub-segment offers universal life and term life insurance in the US through direct marketing, independent insurance agents, independent marketing organizations, and financial advisors. Also offers life and health products in the UK and Ireland. Institutional Markets sub-segment offers structured settlement and pension risk transfer annuities, stable value wrap products, corporate- and bank-owned life insurance and guaranteed investment contracts through structured settlement brokers, and specialized marketing and consulting firms. Operates through its subsidiaries including The Variable Annuity Life Insurance Company, AIG Life Limited, American General Life Insurance Company, and The United States Life Insurance Company. Intends to deliver client-centric solutions through its franchise and multi-channel distribution network. It also intends to enhance service delivery, product solutions, and digital capabilities using data and analytics to enhance customer experience and market position across businesses. It aims to enhance operating efficiency and ease of doing business for its customers and distribution partners, and generate strong earnings through expense reduction, sustainable underwriting improvement, disciplined pricing, and diversification of risk, besides optimizing capital allocation and efficiency in insurance companies to improve return on equity.
Performance
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Overview
Includes income from assets held by AIG Parent and other corporate subsidiaries, corporate expenses, intercompany eliminations and deferred tax assets related to tax attributes. It also include institutional asset management business and result of consolidated investment entities, run-off General Insurance portfolios and legacy insurance lines ceded to Fortitude Reinsurance Company Ltd. (Fortitude Re).
Performance
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Geographical Segments
Target Markets
Latin America, Japan, China, Asia Pacific, Europe, Middle East and Africa, the Caribbean, and the UK.
Performance
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Target Markets
The US, Bermuda, and Canada.
Performance
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