OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of American International Group, Inc. (AIG) (headquartered in New York, NY) [NYSE: AIG]. AM Best also has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” of its property/casualty insurance subsidiaries (collectively referred to as AIG PC). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has downgraded the Long-Term ICR to “a” from “a+” and affirmed the FSR of A (Excellent) for the members of the AIG Life & Retirement Group (AIG L&R). The outlook of the Long-Term ICR has been revised to stable...
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AIG SunAmerica Background Information American General Insurance Company (now AIG) was founded in Texas in 1926 and has grown primarily through acquisitions. In 1972, the company began to focus its expansion efforts on the rapidly growing retirement savings market. American General acquired VALIC, a group retirement savings company in 1977, and Western National Life, an issuer of fixed annuities in the United States, in 1998. American International Group (AIG) is now a major competitor in the fields of insurance and financial services, with a market capitalization ranking it among the top 20 companies in the world. AIG’s common stock is listed on the New York Stock Exchange, as well...
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Consolidation of Seven Legal Entity Companies Results in Form Changes. Implementation to begin March 28, 2013. With a goal of providing competitive products and high-quality customer service, backed by the strength of forward-thinking, industry-leading companies, we are pleased to announce we merged six of our insurance companies into one legal entity, effective December 31, 2012. As part of this initiative, American General Life Insurance Company of Delaware (AGLDE), American General Life and Accident Insurance Company (AGLA) and American General Assurance Company (AGAC) have merged into American General Life Insurance Company. Our organization will continue to represent itself in the...
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Annexus is offering annuity specialists a product that could have strong appeal for nervous clients: a contract that can protect the holders against loss of principal. The Scottsdale, Arizona-based company has started marketing the new X5 Accelerator Annuity contract from American General Life Insurance Company — an arm of AIG Life & Retirement. The new contract is part of AIG Life & Retirement’s X5 family of single-premium, non-variable indexed annuities. A sibling, the X5 Advantage Annuity contract, came out in May 2020. The new contract has a feature that might appeal to clients who could use a quick psychological boost: the issuer immediately adds a bonus, equal to 35% of the...
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AIG American General Life offers a variety of life insurance products, including term, whole life and universal life insurance. Term Life Insurance AIG offers term life insurance products to policyholders aged between 20 and 80. Term life policies are available for 10, 15, 30 and 35 years. The coverage amounts can range from $50,000 to $10,000,000. All policies are available with level premiums and can be renewed for a one-year term up to 95 years of age. Term policies can also be converted until age 70. For insureds below 55 years old, a return of premium policies may also be available. AIG American General Life offers the following term life policies: Select-A-Term is unique in that you...
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AIG recently posted Frequently Asked Questions regarding recent news and American General Life Insurance Company. Frequently Asked Questions Q. AIG announced a significant fourth-quarter loss and a restructuring of its organization. What can you tell me about this? A. American International Group’s (AIG) fourth-quarter and 2008 year-end results reflected the organization’s worsening financial condition. At the same time, AIG and the Federal Reserve Bank of New York announced an overhaul of the government loan, which includes a renegotiation of the terms, as well as a restructuring of the organization. The plan provides access to additional financial backstops should market...
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American International Group plans to split the AIG Life & Retirement business off from the rest of the company. Peter Zaffino will be taking over from Brian Duperreault as the company’s chief executive officer, which Duperreault becoming the company’s executive chairman. The general insurance business suffered about $790 million in catastrophe losses, before taxes, in the third quarter. Actuarial assumption updates at the Life & Retirement business led to a charge of $22 million, before taxes, due to a combination of a change in the company’s net realized capital losses figure and a change in the value of deferred acquisition costs related to annuity guaranteed minimum withdrawal...
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(Reuters) - Insurer American International Group Inc AIG.N on Monday said its board approved a plan to separate the life and retirement business from the rest of the company, and named President Peter Zaffino as chief executive officer, effective next year. AIG shares were up nearly 8% in extended trading. Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. Zaffino will be AIG’s seventh CEO since 2005. The insurer, which ranks among the top 10 U.S. carriers by market value, said it has yet to make a decision on how to carry out the separation, beyond the board voting to establish two independent, market-leading companies. The separation of the business could...
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If you were or are employed by Avery Dennison or Rollins, Inc. In 2019, Avery Dennison transferred $750 million in pension obligations to American General Life Insurance Company. The agreement between the two companies covered approximately 8,500 retirees, beneficiaries, and deferred vested and active members. Later that same year, Rollins, Inc. also purchased a $198.3 million-dollar group annuity contract from AIG, transferring the remaining liabilities of its U.S. pension plan. These annuity contracts could put Avery Dennison and Rollins’ employees’ and retirees’ pensions at risk. The companies will no longer have any legal responsibility for your pensions and you will...
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American General Insurance Company Review American General is one of the insurance companies owned by the American International Group (AIG). AIG nearly collapsed in 2008 after it became unable to meet its financial obligations. The only thing that prevented the collapse was an $85 billion bailout from the federal government. Some critics alleged the company's management team caused the collapse by making questionable financial deals called credit swaps. American General's role in these events is unclear but the company's financial ratings are currently strong. The relationship between American General and another insurer owned by AIG: SunAmerica is also unclear. SunAmerica seems to have...
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