Global AIG Life Insurance 2024: Review, Service, Contract & Policy

Global AIG Life Insurance Market 2023 To 2024 Analysis! American International Group, Inc. (AIG) is an international finance and insurance corporation based in the United States, operating in over 80 countries and jurisdictions. AIG companies employed 49,600 people on January 1, 2019. The company’s three core businesses are General Insurance, Life & Retirement, and a standalone innovation subsidiary. Commercial, personal insurance and U.S. and global field operations are all part of general insurance. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets.

About AIG Life Insurance

The corporate headquarters of AIG are in New York City, and the company has offices all over the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000.   On the 2018 Fortune 500 list, AIG was ranked 60th. According to the 2016 Forbes Global 2000 list, AIG is the world’s 87th largest public company.   AIG had $65.2 billion in shareholders’ equity as of December 31, 2017.

During the 2007-2008 financial crisis, the Federal Reserve bailed out the company for $180 billion and took control, with the Financial Crisis Inquiry Commission linking AIG’s failure to mass sales of unhedged insurance. In 2012, AIG repaid the United States government $205 billion.

History 1919-1945: Early Years

AIG was founded on December 19, 1919, when American Cornelius Vander Starr (1892-1968) established American Asiatic Underwriters (AAU) in Shanghai, China. Starr’s business proliferated; he established a life insurance operation two years later. AAU had branches in China and Southeast Asia by the late 1920s, including the Philippines, Indonesia, and Malaysia.

1945–1959: International and domestic growth

Following WWII, American International Underwriters (AIU) established offices in Japan and Germany to ensure American military personnel. Throughout the late 1940s and early 1950s, AIU expanded in Europe, opening offices in France, Italy, and the United Kingdom.

1959-1979: Reorganization and Specialization

C.V. Starr hired Maurice R. Greenberg, also known as Hank, in 1960 to establish an international accident and health business. Greenberg reorganized one of C.V. Starr’s U.S. holdings into a successful multiple-line carrier two years later.  Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent commissions. Using brokers, AIU could price insurance based on its potential return even if it experienced decreased sales of specific products for extended periods at little extra cost—American International Group, Inc. Starr’s general and life insurance businesses.

From 1979 to 2000, new opportunities & directions

Throughout the 1980s, AIG expanded its market distribution and global network by offering a diverse range of specialized products, such as pollution liability and political risk. AIG went public on the New York Stock Exchange in 1984. (NYSE). Throughout the 1990s, AIG generated new revenue streams through various investments, including purchasing International Lease Finance Corporation (ILFC), a provider of leased aircraft to the airline industry.

2000–2012: Further expansion and decline

Growth

As Russia recovered from its financial crisis in the early 2000s, AIG made significant investments. In anticipation of Putin’s meeting with U.S. President George W. Bush later that year, Maurice Greenberg met with Putin in July 2003 to discuss AIG’s investments and improving US-Russia economic ties.”

Accounting Shambles

AIG became embroiled in a series of fraud investigations launched by the Securities and Exchange Commission and the United States Justice Department. The New York State Attorney General’s Office in 2005. Greenberg was fired in February 2005 amid an accounting scandal. The New York Attorney General’s investigation resulted in a $1.6 billion fine for AIG and criminal charges for some of its executives.

Credit Default Insurance Market Expansion

on June 15, 2008, following the disclosure of financial losses and a falling stock price, and was replaced by Robert B. Willumstad, Chairman of the AIG Board of Directors since 2006. Willumstad was forced to resign by the U.S. government on September 17, 2008, and was replaced by Ed Liddy. On August 3, 2009, AIG’s board of directors appointed Bob Benmosche, CEO, to replace Liddy, who announced his retirement earlier that year.

Liquidity crisis and government bailout in 2008

In January 2011, AIG sold its Taiwanese life insurance company, Nan Shan Life, to a consortium of buyers for $2.16 billion. AIG shares fell 49 percent year to date on November 3, 2011, as the net loss for the third quarter of 2011 increased. The insurer’s board of directors authorized a $1 billion share buyback.

In 2017, nine years after the initial bailout, the Financial Stability Oversight Council of the United States removed AIG from its list of too-big-to-fail institutions.

2008-2016: Modern Era

Nan Shan Life Insurance of Taiwan paid $158 million for a stake in AIG’s Taiwan subsidiary in June 2015.  Later that year, activist investor Carl Icahn called for AIG to be broken up, claiming the company was “too big to fail.” In January 2016, AIG announced plans for an initial public offering of 19.9 percent of United Guaranty Corp., a mortgage insurance provider based in Greensboro, North Carolina.

Later that year, Icahn was elected to the company’s board of directors and continued pressuring the company to separate its significant divisions. AIG also formed a partnership with Hamilton Insurance Group and Two Sigma Investments to meet the insurance needs of small and medium-sized businesses.

2020–2023

Peter Zaffino took over as CEO of AIG on March 1, 2021, with Brian Duperreault becoming the board’s executive chairman. AIG announced in July 2021 that Blackstone Group would acquire 9.9 percent of the new unit for $2.2 billion in cash as part of its 2020 plan to form an independent company of its life and retirement insurance business with a 2023 IPO. In addition, Blackstone and AIG entered into a long-term asset management agreement for approximately one-quarter of AIG’s life and retirement portfolio, which is expected to grow in the coming years.

AIG Life Insurance Business

AIG is recognized as a significant financial institution—supplier of financial services, such as credit security mechanisms, in Australia and China. [Reference needed] AIG is the biggest commercial and industrial insurance underwriter in the U.S.

AIG provides various financial services, including life insurance, mortgage insurance, retirement products, and property and casualty insurance. The global property and casualty insurance company Chartis was renamed AIG Property Casualty in the third quarter of 2012.

Life Insurance

By safeguarding the financial future of your loved ones, life insurance helps maintain life. Even options for life insurance can be helpful while you are still alive.

Planning for finances and retirement should include life insurance. You can use your life insurance policy to supplement your retirement. Ensure a comfortable future in addition to protection. Numerous adaptable options are available to satisfy your current and future needs. Speak with a financial expert to learn more about different policies and riders.

Protection is provided by term life insurance for a predetermined time. If your life changes, you might also have the choice to upgrade to a more long-term fix. Available in Guaranteed Universal, Index Universal, and Variable Universal product varieties, this life insurance option is affordable.