Know more about AIG insurance and finance company
AIG or American International Group, Inc. is United States-based insurance and finance company. They are well known for offering general insurance, a standalone technology-enabled subsidiary, a life, and retirement planning in over 80 countries.
In 2018, the company generated the revenue of US$47.389 billion having total assets of US$491.984 billion. Brian Duperreault is serving as the CEO of the company with over 49,000 employees. Recently, the company got ranked 60th on the Fortune 500 list of 2018.
IG got established in 1919
In December 1919, the company came into existence by the efforts of Cornelius Vander Starr. It was originally named as American Asiatic Underwriters (AAU) in Shanghai, China.
With progress, the company made a profit in business and started as a life insurance company. They expanded in the Philippines, Malaysia, Indonesia, China, and Southeast Asia. In 1926, they came in the United States and got headquartered in New York City in 1939.
AAU helped American military personnel
during World War II. They also established the company as the leading insurance company in over 75 countries by 1950s.
They focused on selling out their policies through independent brokers which resulted in viewing the growth of the company. In 1967, AIG (American International Group) was formed as an umbrella organization to carry out operations regarding general life insurance.
They put their investments in diverse areas and acquired International Lease Finance Corporation in the 1990s. In 1999, they further acquired SunAmerica Inc. to expand its operations in the retirement planning market.
AIG saw a remarkable growth after acquiring American General Corporation in the early 2000s. At that time they continued their financial advisory services with Kissinger Associates and Blackstone Group.
In 2003, they went for merge with Old Line Life Insurance Company but soon came under accounting scandal in 2005. The case brought the companies executives under investigation facing criminal charges and company getting fined with $1.6 billion.
The case didn't end up here as Federal Reserve took control by bailing out company with $180 billion in 2008. This move brought down their credit value leading to liquidity crisis but they soon started paying back to the United States government.
In 2012, they repaid $205 billion to the government and after four years made it to 87th position as the largest public company in the world. In 2018, it got 60th among the Fortune 500 list of companies.
AIG life insurance policies in the market
Dealing with commercial and industrial insurances, AIG is considered as the largest company in the United States. They offer life insurance, mortgage insurance, retirement planning, property-casualty insurance and many other financial and investment services.
Under life insurances, they provide whole life insurance, universal insurance, and variable universal insurance plans. Their multiple products include;
• Investment vehicles: Structured investments, annuities, and mutual funds.
• General insurance: Accidental death insurance, travel, corporate and quality of life plans.
• Retirement plans: Institutional, group and individual retirement plans.
Their insurance plan in the market is as low as $14 per month for $250,000 of term life coverage with guaranteed acceptance without medical exam for ages 50-85.
Is AIG a good company?
Millions of Americans trust the company through their commitment to managing out their risks. They bring professional highlights of the market among people to get the right things done on time.
AIG is highly rated for customer satisfaction and financial stability despite its controversy during the 2008 financial collapse.
It has since rebounded to become the largest insurance provider in the United States. But somehow have strict underwritings that may not meet the needs of all its customers.
Why go for them?
Aside from being the largest insurance provider in the United States, they are considered as the strong choice if one is planning for life insurance. Their prices are competitive on comprehensive policies with strong financial stability.
They also have a strong product line up to meet customer's needs with flexibility option. Under this option, one can keep a check on daily changes in their plan according to them.
What's in news?
AIG has launched out Smart Health, a virtual care service for all its group and individual protection services in August 2019.