The Holdings of American International Group include the operating entities and subsidiaries of insurance conglomerate American International Group (AIG) that operates in over 130 countries. [1] The company's business consists of four core areas: General Insurance, Life Insurance & Retirement Services, Financial Services and Asset Management. [2]
AIG owns 19.8% of People's Insurance Company of China (PICC) through direct and indirect holdings. PICC P&C[ clarification needed ] is China's largest insurer of casualty insurance.[ citation needed ]
AIG owns a controlling share pack of Beijing Panam International Aviation Academy or BPIAA. BPIAA was established in 2004 as the largest privately owned flight training academy in China. Its bases located in Wuhai, Bautou, Shijajuan and Handan. In 2008, following the global crisis and economic recession, BPIAA has stopped its operation awaiting company re-purchase from other, more capable investors.
AIG's AIU Insurance unit has run a P&C insurance in the country since 1946, and is now the largest foreign nonlife insurer with 14,000 agents nationwide. [3] In retail auto and L&H space, AIG owns American Home and Fuji Fire and Marine Insurance company. [4] Since Jan 2018 AIU and FFM business units merged in AIG Sonpo.
AIU, which sells general insurance, operates in Indonesia.
AIG operates in Pakistan through the New Hampshire Insurance Company. The group's principal office is in Karachi and it has branch offices in Lahore, Islamabad, Faisalabad and Sialkot. AIG has been selling automobile insurance in Pakistan since 1949. In March 2010, New Hampshire Insurance became the first company in Pakistan to offer terrorism insurance, in collaboration with Allied Bank Ltd. [5]
AIG operates in the UK with the brands Chartis and Chartis Direct. It has about 3,000 employees, and sponsored the Manchester United football club, paying them the largest amount by a sponsor in history. [6]
AIG owns more than two dozen companies licensed to offer insurance in California, according to the California Insurance Commissioner. They include 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; United Guaranty Commercial Insurance Co. of North Carolina; United Guaranty Credit Insurance Co.; United Guaranty Residential Insurance Co.; and Yosemite Insurance Co. [7] It previously sold 21st Century Insurance, for $1.9 billion [8] in 2009. [9] [10]
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. [11]
AIG writes property and casualty insurance, life and annuity, and workers' compensation insurance in West Virginia.
AIG 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. [12] [13]
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... [14] [15] 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.[ citation needed ]
AIG owned Stowe Mountain Resort until February 2017. At the time of ownership, it was AIG's only ski business.
AIG's connection to Stowe started when C.V. Starr, the company's founder, invested in the resort in 1946. A $300m, 10 year expansion was started in 2005. [16]
AIG owns Ocean Finance, a British provider of home owner loans, mortgages and remortgages. [17]
AIG was the principal sponsor of English football team Manchester United [18] and the Japan Open Tennis Championships [ citation needed ].
Temple-Inland, Inc. was an American corrugated packaging and building products company. It was acquired by International Paper in 2012.
American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2022, AIG employed 26,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. 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.
General Reinsurance Corporation is an American multinational property/casualty and life/health reinsurance company offering a range of reinsurance products and services. The company is a primarily direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices. Gen Re is a wholly owned subsidiary of Berkshire Hathaway Inc.
Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.
The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
Cincinnati Financial Corporation offers property and casualty insurance, its main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The company has 1.01% of the domestic property and casualty insurance premiums, which ranks it as the 20th largest insurance company by market share in the U.S.
American Financial Group, Inc. is an American financial services holding company based in Cincinnati, Ohio. Its primary businesses are insurance and investments.
Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America, Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada, which owns 72% of Great-West Lifeco. The hyphen in the company's name was originally a typesetter's error.
The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.
CNA Financial Corporation is a financial corporation based in Chicago, Illinois, United States. Its principal subsidiary, Continental Casualty Company (CCC), was founded in 1897. CNA, the current parent company, was incorporated in 1967.
Insurance Company of North America (INA) is the oldest stock insurance company in the United States, founded in Philadelphia in 1792. It was one of the largest American insurance companies of the 19th and 20th centuries before merging with Connecticut General Life to form CIGNA in 1982, and was acquired by global insurer ACE Limited in 1999.
AIA Group Limited, often known as AIA, is a Hong Kong-based multinational insurance and finance corporation. It is the largest publicly listed life insurance group in Asia-Pacific. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.
Bond insurance, also known as "financial guaranty insurance", is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. It is a form of "credit enhancement" that generally results in the rating of the insured security being the higher of (i) the claims-paying rating of the insurer or (ii) the rating the bond would have without insurance.
Reliance Insurance Company, now officially known as Reliance Insurance Company [in Liquidation], was founded in Philadelphia in 1817 and has undergone numerous corporate makeovers in the intervening years. As of October 3, 2001, the company has been in liquidation. As of 2020, Reliance was still in liquidation.
Guaranty Bank was a major bank based in Austin, which collapsed in 2009. It was formed in 1988 as part of Temple-Inland and in 2007 became a standalone company. At the time of its collapse, Guaranty was the second largest bank in Texas, with 162 branches across Texas and California, and had $13 billion in assets and held $12 billion in deposits. Major shareholders included billionaire investor Carl Icahn and hotel tycoon Robert Rowling, who jointly invested $600 million in the bank in 2008.
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
The Fuji Fire and Marine Insurance Co., Ltd. is a Japanese insurance company. The company has its corporate headquarters in the Kamiyacho MT Building located in the Toranomon neighborhood of Minato, Tokyo. It also has an Osaka office in Chuo-ku borough, Osaka. Due to a merger, the company is now AIG General Insurance Co., Ltd.
La Capitale Financial Group Inc. was a Canadian business that provided insurance products and financial services in Quebec, Canada. The company was headquartered in Quebec City and mainly active in Quebec, though extending its services into Ontario since 2008. With more than 900 institutions and 600,000 members of staff, La Capitale General Insurance ranked among the largest insurers in Quebec. It merged with SSQ Insurance in 2022 to become Beneva.