American International Group

By: EconomyWatch   Date: 17 July 2010

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American International Group is a well known financial and insurance services provider of United States of America. It is ranked #18 in 2008 Forbes Global 2000 list. It is regarded highly as an international standard business establishment.
American International Group has a global presence by virtue of operating in over 130 jurisdictions and countries across world. American International Group serves a wide variety of clients including commercial establishments, individuals and institutional organizations.

Brief history
American International Group was founded in 1919 in Shanghai, China by Cornelius Vander Starr. It started out as an insurance agency. Having attained success this company expanded its operations to places like Latin America, Middle East, and Europe.

Products and services
American International Group offers its products and services in two separate categories – individuals and families, and businesses. Major categories in individual section are insurance, financial services, and retirement planning. In insurance section, major products and services are auto and motor vehicle insurance, life insurance, high net worth, travel insurance, home and property, health related insurance and identity theft.

In financial services section, major products and services are annuity, loans and credit, banking, mutual funds, investment services and retirement services. In businesses section, major categories are insurance, financial services, business solutions and services.

Financials
In 2007, sales of American International Group amounted to around $110.06 billion and it earned profits worth nearly $6.20 billion. Assets held by American International Group were worth about $1,060.51 billion and its market value stood at around $118.20 billion.

Awards and recognition
During April, 2008 American International Group was named “Financial Institution of the Year” by Urban Financial Services Coalition. This award was provided for exceptional levels of management, convincing diversity practices and commendable commitment to local communities.

Current financial crisis
Recent global financial crisis has hit American International Group hard. It had issued insurance against non payment of debts that had been grouped into derivatives. Speculators who held these derivatives claimed their dues and American International Group did not have sufficient funds to meet their demands. As a result it went bankrupt. United States government has stepped in and has nationalized this company in order to rescue it from bankruptcy.



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