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Encyclopedia > American International Group
American International Group, Inc
Type Public (NYSEAIG; TYO: 8685 )
Founded 1919
Headquarters 70 Pine Street, New York, New York
Key people Martin J. Sullivan, CEO
Industry Insurance Financial Services
Products Insurance Annuities Mutual Funds Financial Products revenue = $113.194 Billion USD (2006)
Net income $14.048 Billion USD (2006)
13.38% profit margin
Employees 97,000
Website www.aig.com

American International Group, Inc. (AIG) (NYSEAIG; TYO: 8685 ) is a major American insurance corporation based in New York City. It has its European HQ in Croydon in London, England and its Asian HQ in Hong Kong, China. AIG is the fourth-largest company in the world according to the 2006 Forbes Global 2000 list. The company became a component of the Dow Jones Industrial Average on April 8, 2004. It is also the sponsor of Manchester United F.C. On December 11, 2006 it was announced that a division of AIG would purchase from Dubai Ports World disputed North American ports. Image File history File links American_International_Group_Logo. ... A public company usually refers to a company which is permitted to offer its securities (stock, bonds, etc. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ... Midtown Manhattan, looking north from the Empire State Building, 2005 New York City (officially named the City of New York) is the most populous city in the state of New York and the entire United States. ... President and Chief Executive Officer of American International Group, Inc. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Financial services is a term used to refer to the services provided by the finance industry. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... An annuity is an insurance contract. ... The central idea of a mutual fund is to enable investors to pool their money and place it under professional investment management. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... Profit margin is a measure of profitability. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... A Web site (or colloquially, Website) is a collection of Web pages, images, videos and other digital assets that is hosted on a Web server, usually accessible via the Internet or a LAN. A Web page is a document, typically written in HTML, that is almost always accessible via HTTP... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Corporate redirects here. ... Nickname: Location in the state of New York Coordinates: Country United States State New York Boroughs The Bronx Brooklyn Manhattan Queens Staten Island Settled 1625 Government  - Mayor Michael Bloomberg (R) Area  - City  468. ... Croydon is a large town and major commercial centre in south London, and the principal settlement of the London Borough of Croydon. ... This article is about the capital of England and the United Kingdom. ... Motto (French) God and my right Anthem God Save the King (Queen) England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto) Government Constitutional monarchy  -  Queen Queen Elizabeth II  -  Prime Minister Tony Blair MP Unification  -  by Athelstan 967  Area... The Forbes Global 2000 is an annual ranking of the top 2000 corporations in the world by Forbes magazine. ... The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow 30, or informally the Dow industrials or The Dow) is one of several stock market indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow. ... April 8 is the 98th day of the year in the Gregorian calendar (99th in leap years). ... shelby was here 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Manchester United Football Club are a world-famous English football club, based at the Old Trafford stadium in Trafford, Greater Manchester, and are one of the most popular sports clubs in the world, with over 50 million supporters worldwide. ... DP World is a company owned by the government of Dubai in the United Arab Emirates. ...

Contents

History

AIG's history dates back to 1919 by when Cornelius Vander Starr set up an insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese. When his business was successful there, he expanded to Asia, Latin America, Europe, and the Middle East. Categories: Possible copyright violations ... This article or section does not cite any references or sources. ... World map showing the location of Asia. ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ... World map showing the location of Europe. ... A map showing countries commonly considered to be part of the Middle East The Middle East is a region comprising the lands around the southern and eastern parts of the Mediterranean Sea, a territory that extends from the eastern Mediterranean Sea to the Persian Gulf. ...


In 1962, Starr gave management of the company's unsuccessful U.S. holdings to Maurice R. "Hank" Greenberg, who shifted the company's U.S. focus from personal insurance to high-margin corporate coverage. Greenberg focused on selling the insurance through independent brokers rather than agents because Greenberg wanted to avoid selling insurance at prices which occasionally became too low (to cover the future payouts) given marketplace competition; a company with agents must pay their salary even while selling little to no insurance. Instead, with brokers, AIG could price insurance properly even if it suffered decreased sales of certain products for long lengths of time with very little extra expense. In 1968, Starr named Greenberg his successor. The company went public in 1969. Greenberg resigned as the company's CEO in February 2005 amid concern from the board about regulatory inquiries. Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... Maurice R. Hank Greenberg (born May 4, 1925 in New York City) is an American businessman and former chairman and CEO of American International Group (AIG), the worlds largest insurance and financial services corporation. ... An insurance broker sources (brokes) contracts of insurance on behalf of their customers. ... An initial public offering (IPO) is the first sale of a corporations common shares to public investors. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ...


On 6 April 2006, AIG president and chief executive Martin J. Sullivan, announced American International Group (AIG) as the new shirt sponsors of English football (soccer) team Manchester United, in a British record shirt sponsorship deal of £56.5 million (£14.1 million a year) over four years. April 6 is the 96th day of the year in the Gregorian calendar (97th in leap years). ... For the Manfred Mann album, see 2006 (album). ... President and Chief Executive Officer of American International Group, Inc. ... Football (soccer) - Wikipedia, the free encyclopedia /**/ @import /skins-1. ... Manchester United Football Club are a world-famous English football club, based at the Old Trafford stadium in Trafford, Greater Manchester, and are one of the most popular sports clubs in the world, with over 50 million supporters worldwide. ... GBP may be: short for Game Boy Player the ISO currency code for the British Pound Sterling. ...


Holdings

AIG owns ILFC, the world's largest aircraft leasing company, with hundreds of aircraft ranging from Airbus A319s to Boeing 747s. Image File history File linksMetadata Size of this preview: 450 × 600 pixelsFull resolution (2448 × 3264 pixel, file size: 3. ... ILFC (International Lease Finance Corporation, though the abbreviation is the more common usage) is an aircraft lessor headquartered in Los Angeles, California. ... The Airbus A320 is a short to medium range commercial passenger aircraft manufactured by Airbus. ... The Boeing 747, commonly nicknamed the Jumbo Jet, is a long-haul, widebody commercial airliner manufactured by Boeing. ...


Through various subsidiaries, AIG owns about 62% of 21st Century Insurance Group (see http://finance.yahoo.com/q?s=TW)


AIG directly owns 9.9% of PICC. Through three subsidiaries plus its direct ownership, AIG actually owns 19.8 percent. Peoples Insurance Company of China Holdings Company (中国人保控股公司) is a state-owned company in the Peoples Republic of China. ...


AIG owns Stowe Mountain Resort and a private golf course in Vermont. AIG's connection to Stowe started when C.V. Starr, the company's founder, invested in the resort in 1946. Maurice R. Greenberg has a home in Stowe and still skis. Stowe is AIG's sole ski business. At Stoic Old Stowe, a New Era


Since May 2007, AIG also owns most of the Bulgarian Telecommunications Company and the third Bulgarian mobile operator, Vivatel.[1] The Bulgarian Telecommunications Company (Bulgarian: Българска телекомуникационна компания, Balgarska telekomunikatsionna kompaniya, abbreviated as БТК, BTC) is the largest telecommunications company in Bulgaria and a former state-owned monopoly. ... The logo of Vivatel, presented on Musala in September 2005 Vivatel is the third Bulgarian GSM operator, started in 2005. ...


Business

AIG is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. 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. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as stock exchanges in London, Paris, Switzerland and Tokyo. AIG are also the princible sponsor of English football team Manchester United. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Financial services is a term used to refer to the services provided by the finance industry. ... This article or section does not cite any references or sources. ... An institution is a group, tenet, maxim, or organization created by a group of humans. ... Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insureds death. ... In banking, underwriting is the detailed credit analysis preceding the granting of a loan, based on credit information furnished by the borrower, such as employment history, salary, and financial statements; publicly available information, such as the borrowers credit history, which is detailed in a credit report; and the lender... Look up aircraft in Wiktionary, the free dictionary. ... VALIC Financial Advisors, a member of American International Group, Inc. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... This article is about the capital of England and the United Kingdom. ... City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) Paris Eiffel tower as seen from the esplanade du Trocadéro. ... This article or section does not cite its references or sources. ... Manchester Uniteds emblem Manchester United F.C. (often abbreviated to Man United or just Man U, pronounced man-yoo) is an English football club based at Old Trafford in Greater Manchester. ...


Business Model

A major focus of AIG's insurance business model is the concept of an underwriting profit. For example, an auto insurer collects money every month from its customers in the form of premium. Should a customer have a covered auto accident, the company pays out a claim. In the time between the receipt of each premium payment and the paying of the claim, the money received by the insurer can be invested. Returns from investments are the primary source of profits for an insurance company. If the amount of premiums taken in is greater than the claims paid out even before taking into account investment returns the excess additional profit is call an "underwriting profit". Greenberg believed that it was necessary for an insurance company to make an underwriting profit, even though typically most insurance companies do not. Invest redirects here. ... Profit, from Latin meaning to make progress, is defined in two different ways. ...


Litigation

In November 2004, AIG reached a US$126 million settlement with the U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, but the company still must cooperate with investigators continuing to probe the sale of a "non-traditional insurance product." The settlement concerned a so-called "finite insurance" product. The United States dollar is the official currency of the United States. ... The U.S. Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ... The United States Department of Justice (DOJ) is a Cabinet department in the United States government designed to enforce the law and defend the interests of the United States according to the law and to ensure fair and impartial administration of justice for all Americans. ...


Accounting fraud claims

In 2005 AIG came under investigation for accounting fraud.


Timeline

  • On October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh & McLennan Companies for steering clients to preferred insurers with whom the Company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct.
  • In early May 2005, AIG restates financial statements, and issues a reduction in book value of USD $2.7 billion, a 3.3 percent reduction in net worth. AIG's share price falls due to conservative investors selling shares.
  • On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion.

October 14 is the 287th day of the year (288th in leap years) in the Gregorian calendar. ... shelby was here 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... NY redirects here. ... Eliot Laurence Spitzer (born June 10, 1959) is an American lawyer, politician and the current Governor of New York. ... Marsh & McLennan Companies, Inc. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... February 9 is the 40th day of the year in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ...

Corporate Governance

Board of directors

Mr. ... Martin Stuart Feldstein (born 1939) is a U.S. economist. ... Ellen V. Futter is President of the American Museum of Natural History. ... Richard Charles Albert Holbrooke (born April 24, 1941) is a New Yorker who has had a varied career as a professional American diplomat, magazine editor, author, Peace Corps director, and investment banker. ... President and Chief Executive Officer of WQED Multimedia. ... Co-Chief Executive Officer Offit Hall Capital Management LLC. Founder and Former Chief Executive Officer OFFITBANK. Director of American International Group. ... President and Chief Executive Officer of American International Group, Inc. ... Michael H. Sutton is the former Chief Accountant of the U.S. Securities and Exchange Commission, and a Director of American International Group. ... Missing image Rovert B. Willumstad Bob Willumstad was named President of Citigroup in January 2002. ... Frank Zarb is a Managing Director and Senior Advisor at Hellman & Friedman. ...

External links

Data

Books

  • Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG

Articles


  Results from FactBites:
 
American International Group - Wikipedia, the free encyclopedia (853 words)
AIG was founded in 1919 by Edwin Cornelius Vander Starr in Shanghai, China.
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.
AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate.
  More results at FactBites »

 
 

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