AIG is still one of the world's largest insurance and financial services companies, the #1 commercial insurer in North America and also in fixed-rate annuity pensions. In 2008, however, it was almost bankrupted by its investments in subprime mortgages and credit insurance. Too big to be allowed to fail, it was only saved by an extraordinary package of financial aid from the US Treasury, increased several times to a total commitment of over $180bn. It had been expected to repay that debt by selling off non-core operations, but buyers were not at first easy to find. As a result, the group was split up. It still owns most of its commercial property & casualty operations and the global personal life & pensions business. For a while these were rebranded as Chartis and Sun America respectively, to limit contagion from the AIG brand. Several other businesses were sold or spun off, including most international operations. Its former Asia subsidiary now operates entirely independently as AIA. Another large part of the group was sold to rival MetLife. Gradually, CEO Robert Benmosche was able to turn around the surviving business, allowing the US government to sell all of its shareholding in AIG during 2012 at a significant profit. He was succeeded as CEO in 2014 by Peter Hancock. Revenues for 2016 were $52bn, down from over $110bn in the mid 2000s. An unexpected $3bn loss in the final quarter, mainly from higher than anticipated payouts on commercial policies, resulted in an $850m loss for the year, its first annual deficit since the 2008/9 crash. That prompted Hancock's sudden resignation in March 2017. His successor has yet to be named. The business was originally founded in China in 1919 by American entrepreneur Cornelius Vander Starr, and expanded its global footprint initially across Asia and then into Europe after WWII to serve American military personnel overseas. It became a global leader in insurance and pensions during the 1970's under Starr's successor Hank Greenberg, partly as a result of numerous acquisitions in the US including domestic rivals American General and Sun America. Adbrands no longer profiles this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services.
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Who are the competitors of AIG? See Financial & Insurance Sector for other companies
Capsule checked 15th February 2017
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