(AIG) agreed to pay a record $1.64 billion to settle claims against it by the SEC and New York state authorities. Additional Information on AIG SunAmerica AIG Pays $1.64 Billion to Avoid Fraud ProsecutionĪfter a lengthy investigation involving misleading accounting practices, American International Group, Inc. The company claims it provides products and services to more than four million families across the United States. In the 1980s, SunAmerica divested itself of some other insurance operations while expanding into financial advisory services, mutual funds, and retirement products, including annuities and guaranteed investment contracts.ĪIG acquired SunAmerica in 1999 and American General in 2001, combining these two companies with AIG Life to form AIG SunAmerica, now the retirement savings division of AIG. began its financial service operations in 1971 with the acquisition of Sun Life Insurance Company of America, which had been formed in 1890. AIG’s common stock is listed on the New York Stock Exchange and stock exchanges in London, Paris, Switzerland, and Tokyo.
Ranking amongst the top 20 companies in the world with high market capitalization. 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.Īmerican International Group (AIG) is now a significant competitor in insurance and financial services.
In 1972, the company began to focus its expansion efforts on the rapidly increasing retirement savings market. American General Insurance Company (now AIG) has grown primarily through acquisitions. The company was founded on Maand is headquartered in Toronto, Canada.Founded in Texas, in 1926. The Corporate segment represents the United Kingdom business unit and corporate support operations, which include run-off reinsurance operations as well as investment income, expenses, capital, and other items. The Asia segment consists of the Philippines, Hong Kong, Indonesia, Vietnam, Malaysia, India, and China markets. The Asset Management segment focuses on the design and delivery of investment products through MFS investment management and Sun Life investment management. The United States segment consists of group benefits, international, and in-force management services. The Canada segment offers individual insurance and group benefits and retirement services. It operates through the following segments: Canada, United States, Asset Management, Asia, and Corporate. engages in the provision of insurance and asset management solutions to individual and corporate clients.
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