American International Group
Headquarters: 70 Pine St.
New York, NY 10270
Phone: (212) 770-7000
CEO: Peter Hancock
Stock Symbol: AIG
American International Group, Inc. (AIG) is a leading international insurance organization with more than 90 million customers worldwide and operations in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property- casualty networks of any insurer.
The company serves almost the entire Fortune 500.
In addition, AIG companies are leading providers of life insurance and retirement services around the world with a strong presence in Japan.
AIG reported revenue of $64.4 billion in 2014 and net income of $7.5 billion for 2014.
AIG was founded in 1919 in Shanghai by an American entrepreneur, C.V. Starr, who opened a small insurance agency called American Asiatic Underwriters (AAU). Initially AAU represented a number of American insurance companies in Shanghai, offering fire and marine coverages. Starr would continue to expand in China and also sold insurance to other Asian countries.
In 1926, Starr first opened an office on American soil, setting up American International Underwriters (AIU) in New York to write insurance on American risks outside the United States, again as general agent for U.S. insurers.
As political unrest spread in China and East Asia, Starr moved his companies' headquarters to New York in 1939. The company merged with other insurers and was known as American Home in 1952. American International Group Inc. was formed in 1967 to include all of the various domestic companies. The company would continue to expand its presence internationally in both Asia and Europe to become the most powerful insurance company today.
The federal government took over AIG on September 16, 2008 with an $85 billion line of credit from The Federal Reserve. The company was on the verge of bankruptcy due to losses on mortgage insurance and plunging stock price.
AIG was removed from the Dow Jones Industrial Average in September 2008.
The company has received over $140 billion in money from the federal government. Money has been provided by the Federal Reserve Bank of New York and Dept. of Treasury.
AIG recapitalized the company in January 2011 by paying off a $21 billion line of credit to the Federal Reserve of New York and also exchanging new series of stock shares for $49.1 billion in TARP shares held by the U.S. Treasury.
- Health Insurance
- Dental Insurance
Life, Disability, and Accident Insurance
- Group Life Insurance
- Short Term Disability (STD) Insurance
- Optional Long Term Disability Insurance
- Business Travel Accident Insurance
- Optional Personal Accident Insurance
Savings, Investment, and Retirement Vehicles
- Retirement Plan
- Incentive Savings Plan (ISP)
- Pre-tax Health Care Reimbursement Account: Enables eligible employees to use pre-tax dollars to pay for certain health-related items not reimbursed under the medical plan.
- Health Advisory Program: Developed to help employees and their families confidentially manage personal problems such as anxiety, depression, job stress, family conflicts, and substance abuse.
Savings, Investment, and Retirement Vehicles
- Stock Purchase Plan: Gives employees an opportunity to purchase shares of AIG common stock at a discounted rate.
- Pre-Tax Public Transportation Program: Enables eligible employees to use pre-tax dollars to pay for certain work-related transportation and commuting expenses.
- Maternity Program: Provides support and confidential guidance to expecting parents before, during, and immediately after pregnancy.
- Adoption Assistance Program: Offers eligible employees reimbursement for qualified expenses incurred after the completion of an adoption.
- Back-Up Child Care Service (Boston, Chicago, Los Angeles, New York and San Francisco): Available for children 3 months-12 years old.
- Pre-Tax Dependant Care Reimbursement Account: Enables eligible employees to use pre-tax dollars to pay for certain expenses related to caring for dependent children, parents, or other family members.
- Childcare and Eldercare Referral Service
- College Coach: Assists high school students and their AIG Company-employed families in selecting, applying to, and financing college.
- Matching Grants Program: AIG will match employee contributions to certain qualified tax-exempt institutions.
Training and Development
- Tuition Reimbursement: Reimbursement for job-related classes/education as defined in the program guidelines.
- AIG e-Learning: Web-based training site offering courses in a variety of business related subjects. Many courses grant continuing education or other types of credit. Employee Recognition
- Service Award Program: Offers gifts of appreciation to employees dedicated to service after specified periods of continuous employment.
- Big Idea Program: Offers financial awards for ideas outside of an individual's job responsibilities which result in a solution/potential benefit to the organization.
- AIG Online Store: AIG-branded apparel, promotional items, sales incentive items, and gift items available for purchase.
- Talent Search: Offers financial rewards to employees for referral of individuals who are subsequently hired for full-time employment.
Updated July 6, 2015