American International Group, Inc. (AIG) is a multinational insurance company, based in New York City, USA.
It is at the forefront of providing property casualty insurance, life insurance and retirement services, mortgage insurance, and aircraft leasing.
The company has operations in 130 countries, with a total of more than 88 million customers.
It has four main business units:
Property Casualty: one of the world’s leading global property casualty franchises, with over 70 million commercial and consumer clients.
Life and Retirement: provides life insurance and financial and retirement security. It is a market leader in term life, structured settlements, fixed annuities, K-12 assets, 403(b) assets, and non-captive variable annuity sales.
United Guaranty Corporation: provides mortgage insurance – the first mortgage insurer to offer true risk-based pricing.
International Lease Finance Corporation: the world’s largest independent aircraft lessor, with a portfolio of more than 1,000 owned and managed aircraft.
AIG traces its history back to an insurance organization, under the name American Asiatic Underwriters (AAU), created in 1919 by Cornelius Vander Starr, in Shanghai, China.
In 1967 AIG was incorporated in Delaware and in 1969 the company went public on the New York Stock Exchange (NYSE) under the stock ticker symbol ‘AIG’.
Overview
- President and CEO: Peter D. Hancock
- Industry: Insurance and Financial Services
- Type: Public
- Listed on the New York Stock Exchange (NYSE)
- NYSE stock symbol: AIG
- S&P 500 Component
- Founded: 1919
- Founder: Cornelius Vander Starr
- Revenue: $64.406 billion USD (2014)
- Net income: $7,524 million USD (2014)
- Diluted earnings per share: $5.20 USD (2014)
- Company head office: 175 Water Street, New York, NY 10038, USA
- Employees: 65,000 (2014)
- Website: http://www.aig.com/
- Investor relations email: [email protected]
American International Group, Inc. Financial Results, Years Ended December 31
| Revenues (in $ millions) | 2014 | 2013 |
| Premiums | $37,254 | $37,499 |
| Policy fees | $2,615 | $2,340 |
| Net investment income | $16,079 | $15,810 |
| Net realized capital gains | $739 | $1,939 |
| Aircraft leasing revenue | $1,602 | $4,420 |
| Other income | $6,117 | $6,866 |
| – Total revenues | $64,406 | $68,874 |
| Benefits, claims and expenses (in $ millions) | ||
| Policyholder benefits and claims incurred | $28,281 | $29,503 |
| Interest credited to policyholder account balances | $3,768 | $3,892 |
| Amortization of deferred policy acquisition costs | $5,330 | $5,157 |
| Interest expense | $1,718 | $2,142 |
| Aircraft leasing expenses | $1,585 | $4,549 |
| Loss on extinguishment of debt | $2,282 | $651 |
| Net loss on sale of properties and divested businesses | $(2,197) | $48 |
| – Total benefits, claims and expenses | $53,905 | $59,506 |
| Income data (in $ millions) | ||
| Income (loss) from continuing operations before income tax expense (benefit) | $10,501 | $9,368 |
| Income tax expense (benefit) | $2,927 | $360 |
| Income from continuing operations | $7,574 | $9,008 |
| Income from discontinued operations, net of income tax expense | $(50) | $84 |
| Net income | $7,524 | $9,092 |
| Net income attributable to non-controlling interests | $(5) | $7 |
| Net income attributable to AIG | $7,529 | $9,085 |
| Common share data (in $) | ||
| Basic earnings per share | $5.27 | $6.16 |
| Diluted earnings per share | $5.20 | $6.13 |
| Balance sheet data (in $ millions) | ||
| Total assets | $515,581 | $541,329 |
| Total liabilities | $408,309 | $440,218 |
| Total equity | $107,272 | $101,081 |
| Cash flow data (in $ millions) | ||
| Cash provided by operating activities | $5,007 | $5,865 |
| Cash provided by investing activities | $14,284 | $7,099 |
| Cash (used in) financing activities | $(19,788) | $(11,758) |
| Cash at beginning of fiscal year | $2,241 | $1,151 |
| Cash at end of fiscal year | $1,758 | $2,241 |
Source: “American International Group, Inc. Form 10-K 2014”