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Company profile for American International Group, Inc.
American International Group, Inc., commonly known as AIG, is a leading global insurance and financial services organization with operations in more than 80 countries and jurisdictions worldwide. AIG offers a wide range of insurance products for commercial, institutional, and individual customers, including general insurance and corporate and private-sector retirement and life insurance solutions. It has revenues of over $41.2 billion and is the fourth-largest insurance company in the United States.
In 1919, AIG started operations in Shanghai as a small underwriting agency for marine insurance and soon established branches in other cities in China. By the mid-20th century, AIG had established itself as a recognized leader in the global insurance and financial services industry. AIG’s presence in the United States began in 1926 with the formation of a life insurance company in the state of Delaware.
Since the outbreak of the global financial crisis in 2008, AIG has been through a dramatic transformation. In 2009, AIG completed the sale of non-core businesses, such as life and retirement businesses, asset management, and commercial finance in many countries. AIG used proceeds from these sales to reduce debt and strengthen its capital base. By 2016, AIG had increased its shareholder equity to over $100 billion.
In addition to its insurance and financial services business, AIG also manages an investment management and advisory business. AIG operates through a network of more than 440 offices in 200 countries, more than 50 of which are in the United States. Its employees consist of more than 56,000 people around the world, including over 11,000 in the United States. Its corporate headquarters are in New York City, but it maintains a major office presence in Washington D.C. and other cities in the United States.
With a global distribution infrastructure and diverse customer base, AIG has achieved prominent positions in the insurance and global financial services industry. AIG is a member of the S&P 500 Index and is listed on the New York Stock Exchange (NYSE: AIG). It has continuously earned the highest credit ratings from all major rating agencies, including A.M. Best, Standard & Poor’s, Fitch and Moody’s.