American International Group

"AIG" redirects here. For other uses, see AIG (disambiguation).

American International Group, Inc.
Company typePublic
IndustryFinancial services
FoundedDecember 19, 1919; 104 years ago (1919-12-19)[1] in Shanghai, China
FounderCornelius Vander Starr
Headquarters1271 Avenue of the Americas,
New York City, New York
,
U.S.
Area served
Worldwide
Key people
Peter Zaffino (chairman and CEO)
Products
RevenueDecrease US$46.80 billion (2023)[2]
Decrease US$3.858 billion (2023)[2]
Decrease US$3.614 billion (2023)[2]
AUMIncrease US$365 billion (March 31, 2023)[3]
Total assetsIncrease US$539.3 billion (2023)[2]
Total equityIncrease US$45.35 billion (2023)[2]
Number of employees
c. 25,200 (2023)[2]
SubsidiariesTATA AIG
Websiteaig.com
Footnotes / references
[2][4][5]

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.[6] As of 2023, AIG employed 25,200 people.[2] The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary.[7][8][9] General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets.[7][8][9] AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.[10]

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.[11] AIG was ranked 60th on the 2018 Fortune 500 list.[12] According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world.[13] On December 31, 2017, AIG had $65.2 billion (~$79.7 billion in 2023) in shareholder equity.[14]

During the 2007–2008 financial crisis, 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.[15] AIG repaid $205 billion (~$269 billion in 2023) to the United States government in 2012.[16]

  1. ^ "Trent Goblin 1892–1968" (PDF). p. 6. Archived from the original (PDF) on April 14, 2021. Retrieved March 29, 2018.
  2. ^ a b c d e f g h "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 14, 2024.
  3. ^ "Debevoise Advises AIG in Its Secondary Offering of 74.75 Million Shares of Corebridge Financial Common Stock at $16.25 Per Share". June 13, 2023. Archived from the original on July 9, 2023. Retrieved July 9, 2023.
  4. ^ "AIG and China: Could A "Special Relationship" Translate into Cash?". Time. September 18, 2008. Retrieved August 9, 2011.
  5. ^ "AIG Financials". Nasdaq. 2022. Archived from the original on February 24, 2022. Retrieved February 24, 2022.
  6. ^ "2016 10-K American International Group, Inc" (PDF). AIG.com. UNITED STATES SECURITIES AND EXCHANGE COMMISSION. December 31, 2016. p. 8. Archived from the original (PDF) on March 29, 2017. Retrieved March 3, 2017.
  7. ^ a b Barlyn, Suzanne; Singh, Sweta (2017). "AIG to restructure into three new units, marking CEO's first big move". Reuters. Archived from the original on September 25, 2017. Retrieved September 25, 2017.
  8. ^ a b Scism, Leslie (September 25, 2017). "AIG Retools Operating Structure Following Pledge From CEO". The Wall Street Journal. Archived from the original on September 29, 2017. Retrieved September 25, 2017.
  9. ^ a b "AIG Restructures Again; Commercial Lines CEO Schimek to Leave". Insurance Journal. September 25, 2017. Archived from the original on September 25, 2017. Retrieved September 26, 2017.
  10. ^ "AIG Recognized as One of DiversityInc's Top 50 Companies for Diversity for Sixth Consecutive Year". BusinessWire. Retrieved October 3, 2023.
  11. ^ "2016 10-K American International Group, Inc" (PDF). AIG.com. UNITED STATES SECURITIES AND EXCHANGE COMMISSION. December 31, 2016. p. 4. Archived from the original (PDF) on April 6, 2017. Retrieved March 3, 2017.
  12. ^ "Fortune 500". Fortune. Archived from the original on May 2, 2019. Retrieved August 1, 2018.
  13. ^ "The World's Biggest Public Companies". Forbes. Archived from the original on December 5, 2017. Retrieved March 15, 2017.
  14. ^ "SEC Filing American International Group, Inc. Annual Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2017". aig.gcs-web.com. Item 6, page 35. Archived from the original on February 22, 2022. Retrieved July 27, 2018.
  15. ^ Phil Angelides (2011). Financial Crisis Inquiry Report. DIANE Publishing. p. 352. ISBN 9781437980721. Archived from the original on July 16, 2023. Retrieved March 25, 2016.
  16. ^ "Treasury Sells Final Shares of AIG Common Stock, Positive Return on Overall AIG Commitment Reaches $22.7 Billion". Department of Treasury. Archived from the original on February 22, 2013. Retrieved February 6, 2013.