American International Group

American International Group, Inc. (AIG) is a multinational insurance group headquartered in New York City. Its principal activities are commercial property and casualty insurance, personal insurance, life insurance, retirement products, annuities, and insurance-related risk-management services. AIG serves corporations, multinational enterprises, institutions, public-sector organizations, employers, and individual customers through operations and partner networks spanning more than 200 countries and jurisdictions. The group traces its origins to December 19, 1919, when Cornelius Vander Starr established American Asiatic Underwriters, a general insurance agency in Shanghai. Starr subsequently added life insurance operations and expanded through Asia, the Pacific, Latin America, Europe, and the United States. In 1939, as war disrupted the Asian business environment, he moved the headquarters to New York. After the Second World War, American International Underwriters expanded into Japan, Germany, France, Italy, the United Kingdom, and other markets, while acquisitions strengthened AIG’s U.S. presence. AIG became the umbrella company for most of C.V. Starr’s general and life insurance businesses in 1967 and became publicly traded in 1969. Under Maurice R. “Hank” Greenberg and later leaders, the company developed a broker-oriented distribution model and built specialized insurance capabilities in areas such as energy, transportation, shipping, pollution liability, political risk, multinational programs, and large commercial accounts. It also expanded into financial services and acquired businesses including International Lease Finance Corporation, SunAmerica, and American General. The company’s diversification created major vulnerabilities. In the mid-2000s, AIG became the subject of accounting and regulatory investigations, and Maurice Greenberg left the company in 2005. AIG’s Financial Products division had also written very large volumes of credit-default-swap protection on mortgage-related securities without adequate hedging or capital protection. When the U.S. housing and credit markets deteriorated, collateral calls and losses produced a severe liquidity crisis. In September 2008, the U.S. Federal Reserve and Treasury supported AIG with a rescue package that ultimately reached approximately $180 billion and involved government control of a substantial equity stake. The intervention prevented the group’s disorderly failure but led to asset sales, restructuring, public controversy, executive changes, and a substantial reduction in non-insurance activities. AIG repaid approximately $205 billion to the U.S. government by 2012, according to the cited reference material. After the crisis, AIG sold or separated numerous businesses and refocused on insurance. Its contemporary identity is centered on commercial insurance, specialty and multinational risk solutions, personal insurance, life insurance, and retirement and annuity products. In 2023, the company employed approximately 25,200 people. AIG also holds a prominent position in sports sponsorship through its title sponsorship of the AIG Women’s Open golf tournament.

AIG began on December 19, 1919, when Cornelius Vander Starr founded American Asiatic Underwriters in Shanghai. The original agency grew rapidly and expanded into life insurance two years later. By the late 1920s, the business had established offices across China and Southeast Asia, including the Philippines, the Dutch East Indies, and Malaya. Starr opened a U.S. office in 1926 under the American International Underwriters name and later pursued opportunities in Latin America. The Latin American network became strategically important when war disrupted the company’s Asian operations. In 1939, Starr moved the headquarters from Shanghai to New York City. After the Second World War, American International Underwriters entered Japan and Germany, initially serving American military personnel, and then developed a broader European presence in France, Italy, and the United Kingdom. In 1952, Starr acquired Globe & Rutgers Fire Insurance Company and American Home Fire Assurance Company, increasing the organization’s exposure to the U.S. market. By the end of the 1950s, C.V. Starr’s general and life insurance organization had agents and offices in more than 75 countries. In 1960, Starr recruited Hank Greenberg to develop international accident and health insurance. Greenberg reorganized a U.S. holding into a multiple-line carrier and emphasized independent brokers rather than salaried agents. The model allowed the company to distribute specialized products and price coverage according to underwriting returns. In 1967, American International Group, Inc. was incorporated as the umbrella organization for most of the group’s general and life insurance businesses. The company went public in 1969. During the 1970s, political changes restricted or ended parts of AIG’s Middle Eastern and Southeast Asian operations. The group nevertheless expanded into specialized energy, transportation, and marine insurance. During the 1980s, it added products such as pollution liability and political-risk insurance and continued to extend its international distribution network. In 1984, AIG listed its shares on the New York Stock Exchange. The 1990s brought further diversification. AIG acquired International Lease Finance Corporation, an aircraft-leasing business, and obtained a Chinese foreign insurance license in 1992. In 1999, it acquired SunAmerica, a retirement-savings company. In the early 2000s, AIG acquired American General, expanded its life and annuity activities, and entered additional markets including India. These moves increased the group’s scale but also contributed to a complex financial conglomerate structure. Regulatory and accounting problems became prominent in the mid-2000s. In 2004, AIG reached a settlement with the Securities and Exchange Commission and the Justice Department concerning regulatory matters and continued investigations into a non-traditional insurance product. In 2005, accounting investigations led to a restatement of earlier financial statements, the departure of Maurice Greenberg, and a major New York attorney general settlement. Martin Sullivan became chief executive during this period. AIG’s most consequential failure arose from its Financial Products division in London. The division sold extensive credit-default-swap protection on mortgage-related collateralized debt obligations. It did not adequately hedge the exposures or maintain sufficient protection against the collateral requirements that followed a decline in the value of the underlying securities. As credit markets deteriorated in 2007 and 2008, AIG faced escalating collateral calls and rating pressure. In September 2008, the Federal Reserve created an emergency secured lending facility, and the government ultimately provided approximately $180 billion in support while taking a controlling economic stake. The rescue was followed by a broad restructuring. AIG sold or transferred businesses, reduced its financial-products exposure, and concentrated on insurance. Asset disposals included international life-insurance operations and other non-core businesses. The company also faced public anger over executive bonuses announced in 2009 while taxpayers supported the group. AIG eventually repaid approximately $205 billion to the U.S. government by 2012. Since the crisis, AIG has operated primarily as an insurance and retirement group rather than as a pre-crisis-style financial conglomerate. Its continuing business scope includes commercial property and casualty insurance, specialty and multinational insurance, personal insurance, life insurance, annuities, and retirement solutions. The group maintains a global footprint while keeping its corporate headquarters in New York City.

1. 2012Government support repaid

   AIG repaid approximately $205 billion to the U.S. government, according to the cited reference.

   Source
2. 2008Emergency government rescue

   AIG received extensive U.S. government support after a liquidity crisis linked to mortgage-related credit-default swaps.

   Source
3. 2005Accounting investigations and leadership change

   Investigations resulted in financial restatements, Maurice Greenberg’s departure, and regulatory enforcement actions.

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4. 1999SunAmerica acquired

   The acquisition expanded AIG’s retirement-savings and related financial-product capabilities.

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5. 1992First foreign insurance license in China in decades

   AIG received the first foreign insurance license granted by the Chinese government in more than 40 years, according to the reference.

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6. 1984Shares listed on the New York Stock Exchange

   AIG listed its shares on the NYSE.

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7. 1969Company becomes publicly traded

   AIG entered the public market.

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8. 1967AIG incorporated as umbrella organization

   American International Group, Inc. was incorporated to unify most of C.V. Starr’s general and life insurance businesses.

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9. 1939Headquarters moved to New York

   The company moved its headquarters from Shanghai to New York as war disrupted its Asian operations.

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10. 1921Life insurance operation established

    Starr expanded the business beyond general insurance by forming a life-insurance operation.

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11. 1919American Asiatic Underwriters founded in Shanghai

    Cornelius Vander Starr established the insurance agency that became the historical foundation of AIG.

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A global insurer for corporate, institutional, and individual customers, emphasizing complex commercial risks, multinational programs, specialty coverage, long-term protection, and retirement funding solutions.

• Commercial Property and Casualty InsuranceCommercial insurance

  AIG provides property, casualty, liability, workers-related, and other commercial coverage for businesses and institutions. The business addresses physical assets, operational interruption, third-party claims, employee risks, and complex corporate exposures. It also includes specialty underwriting and solutions for large or technically demanding risks.

• Multinational Insurance and Risk ManagementRisk management

  AIG supports companies operating across borders with multinational insurance programs, local-policy coordination, risk engineering, claims capabilities, and related advisory services. The offering is designed for organizations that need consistent global risk governance while complying with the insurance and regulatory requirements of individual jurisdictions.

• Personal InsurancePersonal insurance

  AIG’s personal-insurance activities provide coverage for individuals and households, including property, liability, accident, health, and other personal risks where available through its market-specific operations and distribution arrangements.

• Life InsuranceLife insurance

  AIG’s life-insurance business provides long-term protection products for individuals and institutional or employer-sponsored customers. Depending on jurisdiction and business platform, products may address death benefits, financial protection, accumulation, and other long-duration insurance needs.

• Retirement Solutions and AnnuitiesRetirement and annuity products

  AIG offers retirement-oriented products including annuities and related long-term savings or income solutions. These products are intended to help individuals, employers, and institutions accumulate assets, manage longevity risk, and generate income during retirement.

• Specialty InsuranceSpecialty insurance

  Specialty lines address risks requiring sector expertise or tailored underwriting, including energy, transportation, marine, environmental and pollution liability, political risk, and other complex commercial exposures.

• 2023Diversity and inclusion recognition

  United States

  DiversityInc included AIG among its Top 50 Companies for Diversity list for the sixth consecutive year, according to the cited reference.

  Outcome. AIG received continued external recognition for workplace diversity efforts.

  Source
• AIG Women’s Open title sponsorship

  United Kingdom · International golf markets

  AIG is the title sponsor of the Women’s Open golf tournament. The sponsorship places the brand alongside a major international women’s sporting event and supports AIG’s corporate visibility beyond insurance distribution.

  Outcome. The tournament is known as the AIG Women’s Open.

  Source

• 2012Complete repayment of government assistanceStrategy

  Following asset sales, restructuring, and the recovery of parts of the insurance business, AIG continued its effort to exit government ownership and support arrangements.

  What changed. AIG completed repayment of approximately $205 billion to the United States government, according to the cited reference.

  Aftermath. The company continued as a publicly traded insurer with a narrower, insurance-centered business portfolio.

  Repayment to U.S. government. Approximately $205 billion (By 2012)

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• 2009Sell and separate non-core businessesStrategy

  The post-crisis group needed to reduce leverage, simplify its structure, and repay government support while insurance valuations and the broader economy were weak.

  What changed. AIG sold, transferred, or separated various businesses, including international life-insurance operations and other non-core assets, and reduced its financial-products activities.

  Aftermath. The group moved toward a more focused insurance model and reduced its resemblance to the pre-crisis financial conglomerate.

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• 2008Accept emergency U.S. government supportOther

  AIG faced an acute liquidity crisis after the value of mortgage-related securities fell and counterparties demanded additional collateral under credit-default-swap contracts.

  What changed. The board accepted a Federal Reserve rescue facility and related government measures that ultimately provided approximately $180 billion and gave the government a substantial ownership position.

  Aftermath. AIG avoided disorderly failure but entered a prolonged restructuring, asset-sale, and repayment program.

  Government support. Approximately $180 billion (2008 financial crisis)

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• 2009Executive bonus controversyControversy

  AIG’s announcement of large bonuses for executives and Financial Products employees while the company was receiving government support generated widespread political and public criticism.

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• 2008Credit-default-swap and risk-management failureControversy

  AIG’s Financial Products division sold extensive unhedged credit protection on mortgage-related securities. Falling asset values generated collateral demands and losses that produced a liquidity crisis and led to the government rescue. The Financial Crisis Inquiry Commission criticized the company’s risk management and governance.

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• 2005Accounting and regulatory investigationsControversy

  AIG faced investigations by the Securities and Exchange Commission, the U.S. Justice Department, and the New York attorney general concerning accounting practices and insurance transactions. Maurice Greenberg left the company, earlier financial statements were restated, and the company reached a settlement reported at approximately $1.6 billion with New York authorities.

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• 2022AIG separates its life and retirement business under Corebridge Financial

  AIG推进寿险与退休业务的独立化安排，使集团经营重点更集中于保险业务中的其他板块。

  M&A
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• 2012AIG repays U.S. government support

  AIG completed repayment of approximately $205 billion to the United States government, according to the cited historical reference.

  Other
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• 2008AIG receives U.S. government rescue during financial crisis

  The Federal Reserve and U.S. government provided emergency support after AIG’s credit-default-swap exposures and collateral demands created a liquidity crisis.

  BankruptcyRegulationOther
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• 2008AIG receives U.S. government support during the global financial crisis

  AIG因金融产品相关风险和流动性压力陷入危机，随后接受美国政府支持并展开重组。

  OtherRegulation
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• AIG named title sponsor of the Women’s Open

  AIG became title sponsor of the major women’s golf tournament now known as the AIG Women’s Open.

  Campaign
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1. American International Group
2. AIG corporate website
3. AIG将寿险和退休业务安排至Corebridge Financial体系
4. AIG在全球金融危机期间获得美国政府支持