Aig And American General: What's The Link?

American International Group, Inc. (AIG) is a multinational finance and insurance corporation with a presence in over 80 countries. AIG offers a range of insurance products, including property casualty insurance, life insurance, and retirement services. In 2000, AIG expanded its life insurance business by acquiring American General Corporation, a leading domestic life insurance and annuities provider. American General Life Insurance is now a subsidiary of AIG, providing term life insurance and other financial services.

AIG's history and global presence

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. AIG provides world-class products and expertise to businesses and individuals in approximately 190 countries and jurisdictions through its operations and network partners.

AIG was founded on December 19, 1919, when American Cornelius Vander Starr established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. 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, Starr opened his first office in the United States, the American International Underwriters Corporation (AIU). In 1939, Starr moved his headquarters from Shanghai to New York City due to the onset of World War II.

After World War II, AIU continued its expansion, entering Japan and Germany to provide insurance for American military personnel. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy, and the United Kingdom. In 1952, Starr began to focus on the American market by acquiring general and life insurance companies in the US. By the end of the 1950s, Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries.

In 1967, American International Group, Inc. (AIG) was incorporated as a unifying umbrella organization for most of Starr's general and life insurance businesses. The company went public in 1969. Despite challenges in the 1970s due to the changing political landscape, AIG continued to expand its markets by introducing specialized products.

In the 1980s and 1990s, AIG continued to expand its global presence, offering a wide range of specialized products and making diverse investments. In 1992, AIG received the first foreign insurance license granted by the Chinese government in over 40 years.

In the early 2000s, AIG acquired American General Corporation, a leading domestic life insurance and annuities provider, and entered new markets, including India. AIG also made significant investments in Russia during this period.

In 2008, AIG experienced a liquidity crisis due to its involvement in the credit default insurance market and the decline in the mortgage market. The US federal government provided a bailout of $180 billion and assumed control of the company. AIG has since worked to repay its government loans and restructure its business.

Today, AIG continues to be a global leader in the insurance industry, serving clients worldwide and offering a broad range of insurance products and solutions.

American General Term Life customer support

American General Life Insurance is a part of AIG, which stands for American International Group, Inc. AIG is a leading global insurance organization that provides a wide range of property casualty insurance and other financial services.

American General Term Life offers customer support through its online customer portal, eService, and its customer service representatives. The company provides a customer support phone number—1-800-888-2452—which customers can call to speak with a representative. The company also offers an online payment portal for customers to pay their premiums.

In addition to these direct customer support options, American General Term Life, as a part of AIG, also offers a range of online tools and resources to support its customers. The AIG website provides a client portal where policyholders can log in to pay bills, manage policies, view documents, access company news and materials, and more. The website also offers FAQs, claim forms, and claim reports for various types of insurance, including life insurance.

While there are some negative reviews of American General Life Insurance's customer service online, the company appears to provide multiple avenues for customers to receive support, including direct phone support and online tools and resources.

AIG's financial services and products

American International Group, Inc. (AIG) is a leading global insurance organization that provides financial services and products to businesses and individuals in approximately 190 countries and jurisdictions. AIG's corporate headquarters are in New York City, and the company also has offices worldwide.

AIG offers a wide range of property casualty insurance and other financial services, including:

• Travel and personal accident insurance
• Coverage for private clients
• Risk management programs for businesses
• Workers' compensation insurance
• Dental, group life, and AD&D insurance
• Aerospace, commercial auto, general liability, and property insurance
• Financial institutions insurance
• Crime insurance and fidelity bonds
• Directors and officers (D&O) liability insurance
• Employment practices liability insurance
• CyberEdge, an end-to-end risk management solution for cyber security
• Professional liability insurance
• Political risk insurance
• Trade credit insurance

AIG also provides free, accredited online training in multinational risk assessment and program design through its Multinational Insurance Fundamentals program.

In addition to its insurance offerings, AIG has a standalone technology-enabled subsidiary and serves as the largest underwriter of commercial and industrial insurance in the United States. The company is committed to using its insights and thought leadership to manage risks and make positive differences in the communities it serves.

AIG's subsidiaries and acquisitions

American International Group, Inc. (AIG) is a multinational finance and insurance corporation with a presence in over 80 countries and jurisdictions. AIG has a complex corporate structure, with subsidiaries operating as subsidiaries of subsidiaries in a vast conglomerate. Here is a detailed overview of AIG's subsidiaries and acquisitions:

AIG's Subsidiaries

AIG operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary.

General Insurance

General Insurance includes Commercial and Personal Insurance, along with US and International field operations. It consists of two operating segments: North America and International.

Life & Retirement

Life & Retirement includes Group Retirement, Individual Retirement, Life Insurance, and Institutional Markets. This division has four operating segments: Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets.

Technology-Enabled Subsidiary

AIG also has a standalone technology-enabled subsidiary, which likely refers to its efforts in using technology to improve its operations and services.

AIG's Notable Acquisitions

AIG has a history of acquisitions to expand its business and complement its product offerings. Here are some notable acquisitions:

• American General Corporation: In the early 2000s, AIG acquired American General Corporation, a leading domestic life insurance and annuities provider, to strengthen its presence in the life insurance market.
• SunAmerica Inc.: AIG acquired SunAmerica Inc., a retirement savings company, in 1999 within the US market.
• International Lease Finance Corporation (ILFC): AIG acquired ILFC, a provider of leased aircraft to the airline industry, as part of its diverse investments in the 1990s.
• Validus Holdings Ltd.: In 2018, AIG acquired Validus, a Bermuda-based reinsurance provider and Lloyd's of London syndicate, to enhance its underwriting talent and expertise in property and catastrophe risk.
• Ellipse: Also in 2018, AIG acquired Ellipse, a UK-based life insurance business offering income protection, group life, and critical illness insurance products.
• Glatfelter Insurance Group: AIG acquired Glatfelter Insurance Group to strengthen its specialty programs.
• Denver Agency: In August 2022, AIG acquired Denver Agency, a P&C insurance broker founded in 1932 and located in Denver.
• AIG UK Arm: In April 2024, British regulators approved the sale of AIG's UK life insurance business to Aviva for £460 million.

These acquisitions reflect AIG's strategy to expand its global reach, enhance its product offerings, and improve its position in the highly competitive insurance and financial services market.

AIG's corporate social responsibility

Customers

AIG adheres to a strict code of conduct and ethics in all its relations with customers. The company promises integrity and transparency to its local and international partners and pledges to remain true to every player in its vast business network worldwide.

Employees

AIG recognises that its staff are the backbone of its accomplishments and therefore prioritises their welfare and safety. The company strives to maintain a comfortable and supportive work environment to keep employees motivated and help them develop a sense of ownership towards the company.

Community

As an interactive part of the community, AIG engages in charitable initiatives and activities to give back. The company collaborates with partners to reduce poverty, empower women, and nurture the educational and technical capabilities of students in local engineering faculties and technical schools. AIG also partners with a trusted charitable NGO to help orphans and families with impaired children or guardians in El-Sayeda Zainab, Rod El Farag, Faiyum, and Aswan. They make monthly fixed donations to support widow guardians under 30 who struggle to raise families. The company also contributes to settling banking debts for struggling mothers and family guardians.

Environment

AIG has adopted a sustainability "GREEN" program to maintain a healthy environment. Their eco-friendly approaches include recycling and reusing company paper, carpooling, flexible working hours, smart working from home policies, regular health notes, and energy-saving practices. The company also provides training materials and regular news board information to employees to spread awareness about its sustainability program.

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