AIG, or American International Group, is a global insurance company based in New York, USA. The company offers diversified services including property-casualty, life and mortgage insurance, as well as retirement and other financial services. AIG serves retail, commercial and institutional customers in more than 80 countries and jurisdictions across the world – hence its middle name International. The company comprises three core businesses: General Insurance, Life & Retirement, and a standalone technology-focused unit with the brand name Blackboard.
AIG says it is simplifying its structure so that it can work more closely with clients, provide enhanced transparency, and deliver value faster and more efficiently. “We’re becoming leaner, more focused, and more profitable,” the company declared on its website at the start of 2018. “We recognize the constant need for change, and we’re up to the challenge.”
Brian Duperreault has been President and Chief Executive Officer of AIG since May 2017. He is also a member of the Boards of the International Insurance Society and the American Insurance Association. Other key figures include Peter Zaffino, Executive Vice President and CEO of AIG’s General Insurance organisation; Kevin Hogan, Executive Vice President and CEO of AIG’s Life & Retirement organisation; and Doug Dachille, Executive Vice President and Chief Investment Officer of AIG.
AIG traces its roots back to 1919 when an insurance agency called American Asiatic Underwriters was founded in Shanghai, China. Its first US office opened in 1926 in New York City, which then became the company’s HQ in 1939. The postwar years saw expansion across the world, and AIG was incorporated in Delaware (USA) in 1967. The stock began trading publicly in 1969.
Landmark acquisitions over the last two decades include Sun America, Inc. in 1999; American General Corporation in 2001; and Travel Guard in 2006. As the global financial crisis hit the United States, AIG was bailed out by the federal government for $180 billion. A subsequent inquiry found that AIG failed mainly because it had sold huge amounts of insurance without hedging its investment. In 2012 the company restructured itself, repaid its government assistance and relaunched its brand.
AIG reported a net loss of $6.7 billion, or $7.33 per share, for the fourth quarter of 2017, against a net loss of $3.0 billion, or $2.96 per share, in Q4 2016.CEO Brian Duperreault said the results had been “significantly impacted by catastrophe losses”. In March 2018 it was revealed that AIG paid its new CEO $43.1 million the previous year.
The AIG share pricehas been on a slow upward path in recent years, from around $38 in April 2013 to $54 in March 2018. To find out how the share price is doing now, follow Capital.com. Our AIG charthas all the details.
AIG operates all over the world – across the Americas; in 29 European countries; in big Asian markets including China, India, Japan and South Korea; in Australia and New Zealand; in 6 Middle Eastern countries; and also on the African continent (in Egypt, Kenya, Uganda and South Africa). As of year end 2016, AIG had 56,400 employees.
AIG is listed and traded on the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE). Check out Capital.com for the latest AIG chart. We’ll keep you up to date and in the picture.
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