An overview of AIG's Business
In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer.
Insurance
Life insurance
AIG owns AIG American General, a life insurance company based in Houston, Texas.
Auto insurance
AIG sells auto insurance through AIG Direct. Policies include auto, motorcycle, recreation vehicle and commercial vehicle insurance. AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749 million.[23]
International holdings
Australia
AIG Life (Australia) underwrites over one million life insurance policies in Australia held through industry pension plans. The general insurance arm offers mainly corporate insurance and is among the top 10 insurers in Australia.[24]
China
AIG owns 19.8% of People's Insurance Company of China (PICC) through direct and indirect holdings. PICC P&C[clarify] is China's largest insurer of casualty insurance.[citation needed]
Hong Kong
AIG's American International Assurance operations include 2.2 million policy holders.
India
AIG is the minority partner with the Tata Group in two insurance companies in India, holding 26 percent each in Tata AIG Life Insurance Co Ltd and Tata AIG General Insurance Co Ltd.
Philippines
AIG owns Philippine American Life and General Insurance Company (Philamlife), the Philippines biggest insurance company. It has a total asset of P170 billion ($3.6 billion). Philamlife serves over a million customers and maintains the widest network of over 200 offices and sales agencies nationwide.
Singapore
AIA Singapore is a wholly owned subsidiary of AIG in Singapore. It has more than two million policies in force, more than 3,800 financial services consultants and 800 employees in its Singapore offices. General manager Mark O'Dell resigned on September 18, 2008 in response to policy holders queuing up to cash in their policies in the face of concern of the future of AIG.
United Kingdom
AIG operates in the UK with the brands AIG UK, AIG Life and AIG Direct. It has about 3,000 employees, and sponsors the Manchester United football club.
In response to redemption demands, AIG Life (UK) suspended redemptions of its AIG Premier Bond money market fund on September 19, 2008 in order to provide an orderly withdrawal of assets.
Insurance holdings by state
California
AIG owns more than two dozen companies licensed to offer insurance in California, according to the California Insurance Commissioner. They include 21st Century Casualty Co.; 21st Century Insurance Co.; AIG Casualty Co.; AIG Centennial Insurance Co.; AIG Premier Insurance Co.; AIU Insurance Co.; American General Indemnity Co.; American Home Assurance Co.; American International Insurance Co. of California Inc.; Birmingham Fire Insurance Co. of Pennsylvania; Commerce And Industry Insurance Co.; GE Auto & Home Assurance Co.; GE Indemnity Insurance Co.; Granite State Insurance Co.; Hartford Steam Boiler Inspection and Insurance Co.; Insurance Co. of the State of Pennsylvania; Landmark Insurance Co.; National Union Fire Insurance Co. of Pittsburgh, Pa; New Hampshire Insurance Co.; Pacific Assurance; Putnam Reinsurance Co.; Transatlantic Reinsurance Co.; United Guaranty Commercial Insurance Co. of North Carolina; United Guaranty Credit Insurance Co.; United Guaranty Residential Insurance Co.; and Yosemite Insurance Co.
Pennsylvania
Twenty AIG subsidiaries are licensed to do business in Pennsylvania, including National Union Fire Insurance Co. in Pittsburgh, believed to be the second largest AIG underwriter in the nation. Other subsidiaries include New Hampshire Insurance, Insurance Company of the State of Pennsylvania, Granite State Insurance and New Hampshire Indemnity.
West Virginia
AIG writes property and casualty insurance, life and annuity, and workers' compensation insurance in West Virginia. It has 4.7% of the life insurance market and 2.7% of the property and casualty market, as of the end of 2007.
Holdings
Mortgage lending
Since 2001 AIG has owned American General Finance Inc., an Evansville, Indiana firm with $29 billion of mortgage backed assets and more than 1,500 branches nationwide.
Aerospace
AIG Tower in Hong KongAIG owns International Lease Finance Corporation (ILFC) , the world's largest aircraft leasing company, with hundreds of aircraft including the full range of Boeing and Airbus jetliners, as well as the McDonnell Douglas MD-11 and MD-80 Series. Total assets under lease are $55 billion as of June 30, 2008. Estimates of its value range from $5 billion to $14 billion based on a comparison with rivals.
AIG is one of the owners of London City Airport, along with GE and Credit Suisse; it was purchased for £750m in 2006.
Real estate
AIG/Lincoln was established in 1997 as a strategic partnership between AIG Global Real Estate Investment Corporation, New York, a subsidiary of AIG - American International Group, New York, and Lincoln Property Company, a Dallas based commercial real estate manager.[37].[38]. It has developed or is currently developing over 2.2 million square meters of real estate in Poland, Hungary, Romania, Czech Republic, Germany, Italy, Spain, Switzerland, Austria and Russia.
Telecommunications
As of August 2007, AIG Investments (through its member company AIG Capital Partners, Inc.) acquired a 90% stake in Bulgarian Telecommunications Company (BTC) from Viva Ventures Holding GmbH and certain minority shareholders. At the time, the estimated value of BTC was 1.7 billion euros ($2.3 billion).
Ports
As of March 16, 2007, AIG Investments, a division of AIG, completed the purchase of 100% of the stock of P&O Ports North America from Dubai-based Dubai Ports World. At the time, the estimated price was $700m, though AIG did not disclose the exact figure because the number was too low to be deemed significant to the company's asset base.
On July 2, 2007, Marine Terminals Corporation became part of the AIG Global Investment Group through its acquisition by AIG Highstar Capital. MTC provides the shipping community with a comprehensive network of stevedoring, terminal operating and related cargo handling services. Terms were not disclosed.
Skiing
AIG owns Stowe Mountain Resort. AIG's connection to Stowe started when C.V. Starr, the company's founder, invested in the resort in 1946. It is AIG's sole ski business. A $300m, 10 year expansion was started in 2005.
Other holdings
AIG owns Ocean Finance[43] a United Kingdom based company providing home owner loans, mortgages and remortgages.
AIG is the principal sponsor of English football team Manchester United and the Japan Open Tennis Championships.
Subsidiary Holdings
AIG American General Life Companies
AIG Annuity Insurance Company
AIG UK Limited
AIG Financial Products Corp.
AIG Hawaii Insurance Company, Inc.
AIG Investments
Utilities, Inc.
AIG Retirement Services, Inc.
AIG SunAmerica Life Assurance Company
The Variable Annuity Life Insurance Company
Allied World Assurance Company Holdings, Ltd
American General Finance Corporation
American Life Insurance Company
Brazos Capital Management, L.P., a mutual fund manager[45]
HSB Group, Inc., a specialty insurance company[46]
International Lease Finance Corporation
Lexington Insurance Company
SunAmerica Ventures, Inc.
AIG Financial Advisors
Transatlantic Holdings, Inc.
Transatlantic Re (Brasil) Ltda.
Transatlantic Reinsurance Company (NYSE: TRH), 58% owned by AIG
United Guaranty Corporation
