AIG

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of January 1, 2019, AIG companies employed 49,600 people. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament.

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

During the financial crisis of 2007–2008, the Federal Reserve bailed the company out for $180 billion and assumed controlling ownership stake, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance. AIG repaid $205 billion to the United States government in 2012.

AIG was founded in 1919 by Cornelius Vander Starr in Shanghai, China, as American Asiatic Underwriters (AAU), initially offering general insurance. The company quickly expanded and established a life insurance operation. By the late 1920s, AAU had branches throughout China and Southeast Asia. In 1926, Starr opened American International Underwriters Corporation (AIU) in the United States and focused on opportunities in Latin America. In 1939, the company relocated its headquarters to New York City due to the impending World War II.

After World War II, AIU expanded into Japan and Germany to provide insurance for American military personnel. Throughout the 1950s, AIU continued its expansion in Europe, including France, Italy, and the United Kingdom. In 1952, Starr began focusing on the American market by acquiring Globe & Rutgers Fire Insurance Company. By the end of the 1950s, the company had an extensive network of agents and offices in over 75 countries.

In the 1960s, Maurice R. Greenberg joined the company and reorganized one of its U.S. holdings into a successful multiple-line carrier. In 1967, American International Group, Inc. (AIG) was established as an umbrella organization for most of C.V. Starr's insurance businesses. AIG went public in 1969. 

AIG listed its shares on the New York Stock Exchange in 1984 and ventured into diverse investments, including the acquisition of International Lease Finance Corporation (ILFC), a provider of leased aircraft. AIG also obtained the first foreign insurance license granted by the Chinese government in over 40 years. In 1999, AIG acquired SunAmerica Inc., a retirement savings company, further diversifying its offerings.

In the early 2000s, AIG experienced significant growth through acquisitions and expansion into new markets. It acquired American General Corporation, a leading domestic life insurance provider, and entered markets like India. 

In 2008, AIG faced a liquidity crisis and required a government bailout of $180 billion to prevent its collapse. The company's failure was seen as a potential threat to the financial integrity of other major firms. AIG's involvement in insuring mortgage-backed securities and its failure to hedge risks contributed to the crisis. The government's intervention included taking control of the company and a significant equity stake. AIG's bailout sparked public criticism due to executive bonuses and the perception of being "too big to fail." Over time, AIG sold assets and repaid its government loans, and in 2017, it was removed from the list of too-big-to-fail institutions.

In 2012, the United States Department of the Treasury made several moves regarding its ownership stake in American International Group (AIG). In May, the Treasury announced the sale of 188.5 million shares of AIG for $5.8 billion, reducing its stake from 70 percent to 61 percent. A few months later, AIG sold $2 billion of its investment in AIA to repay government loans and approved a $5 billion stock repurchase. In September, the Treasury completed its fifth sale of AIG common stock, generating approximately $20.7 billion and reducing its ownership stake to around 15.9 percent. By December, the Treasury had fully recovered its commitments to AIG, with a combined positive return of about $15.1 billion. Additionally, AIG engaged in sponsorship activities, such as a partnership with New Zealand-based rugby teams.

In 2013, AIG launched an advertising campaign called "Thank You America" to express gratitude for government assistance. Leadership transitions occurred, with Robert Benmosche stepping down as president and CEO due to advancing lung cancer, followed by Peter Hancock taking over as president and CEO in 2014. AIG made strategic moves, including acquisitions and partnerships, such as acquiring stakes in its Taiwan subsidiary and establishing a joint venture to serve small- to medium-sized enterprises. Activist investor Carl Icahn advocated for a breakup of AIG, leading to discussions and plans for restructuring. Brian Duperreault was appointed CEO in 2017 and focused on growing AIG, maintaining its multiline structure, and implementing strategies for technology, underwriting discipline, and diversification. 

The mission of AIG, or American International Group, is to be a leading global insurance organization that provides a wide range of insurance products and services to help individuals, businesses, and communities manage risk and achieve financial security. AIG aims to be a trusted partner for its customers by delivering innovative solutions, exceptional service, and value.

AIG's mission is centered around three key pillars: protecting assets, safeguarding individuals and businesses, and promoting growth and resilience. Through its insurance offerings, AIG aims to protect assets by providing coverage against various risks, such as property damage, liability, and natural disasters. By offering insurance solutions tailored to the needs of individuals and businesses, AIG aims to safeguard them from financial losses and provide peace of mind. Additionally, AIG strives to promote growth and resilience by supporting economic development, investing in emerging markets, and helping communities recover from adverse events. Overall, AIG's mission is to be a reliable and forward-thinking insurance company that enables its customers to navigate uncertainties and achieve their goals.

AIG's vision is to be the most valued insurer and trusted partner for its customers, shareholders, employees, and the communities it serves. AIG aims to achieve this by focusing on delivering exceptional customer experiences, driving innovation, and maintaining strong financial performance.

First and foremost, AIG envisions itself as a customer-centric organization. The company strives to exceed customer expectations by understanding their evolving needs, providing tailored insurance solutions, and delivering exceptional service. AIG aims to build long-lasting relationships with its customers based on trust, transparency, and responsiveness.

In addition, AIG's vision includes a commitment to innovation. The company recognizes the importance of staying at the forefront of technological advancements and industry trends. AIG seeks to leverage innovation to develop new products, enhance risk assessment and underwriting processes, and improve operational efficiency. By embracing innovation, AIG aims to provide its customers with cutting-edge insurance solutions and maintain a competitive edge in the market.

Furthermore, AIG's vision encompasses a strong focus on financial performance and creating value for its shareholders. The company aims to generate sustainable growth, deliver strong returns, and effectively manage risks to maximize shareholder value. By maintaining a solid financial foundation, AIG ensures its ability to fulfill its commitments to customers and provide stability and security in an ever-changing world.

Property and Casualty Insurance: AIG provides property and casualty insurance solutions to individuals and businesses. This includes coverage for property damage, liability, and other risks associated with homes, automobiles, commercial properties, and various industries. AIG's property and casualty insurance offerings are designed to help customers protect their assets and manage potential risks.

Life and Retirement Insurance: AIG offers life insurance, annuities, and retirement planning solutions to individuals and groups. These products provide financial protection, income stability, and long-term savings options. AIG's life and retirement insurance services aim to support individuals and organizations in achieving their financial goals and securing their future.

Cyber Insurance: With the increasing prevalence of cyber threats, AIG provides specialized cyber insurance coverage to help businesses mitigate the risks associated with data breaches, network security, and privacy incidents. AIG's cyber insurance solutions include risk assessment, incident response, and financial protection to help businesses navigate the complex landscape of cybersecurity risks.

Specialty Insurance: AIG offers specialty insurance products tailored to meet the unique needs of specific industries and sectors. This includes coverage for sectors such as aviation, marine, energy, construction, and healthcare. AIG's specialty insurance solutions provide comprehensive protection and risk management strategies for businesses operating in specialized fields.

Reinsurance: AIG operates a reinsurance business that provides risk transfer and risk management solutions to insurers worldwide. AIG Reinsurance offers treaty and facultative reinsurance services across various lines of business, helping insurers enhance their underwriting capacity and manage their risk portfolios effectively.