American International Group (AIG) is an American multinational insurance corporation that operates in over 80 countries worldwide. It was founded in 1919 and is headquartered in New York City. AIG offers a wide range of insurance products and services, including property and casualty insurance, life insurance, retirement products, and mortgage insurance.
AIG has a long history of providing insurance services to individuals, businesses, and governments around the world. The company’s property and casualty insurance offerings include coverage for everything from auto accidents to natural disasters, while its life insurance products provide financial protection for families and individuals. AIG also offers retirement products such as annuities and mutual funds to help people plan for their future.
In addition to its core insurance offerings, AIG has expanded its business in recent years to include other financial services such as asset management and investment banking. The company’s investment arm, AIG Investments, manages over $300 billion in assets, making it one of the largest institutional investors in the world.
Despite its global reach and broad range of products, AIG is perhaps best known for its role in the 2008 financial crisis. The company received a $182 billion bailout from the US government after experiencing significant losses in the subprime mortgage market. This bailout was controversial and sparked public outcry, leading to reforms in the financial sector and increased government oversight of the insurance industry.
Since the financial crisis, AIG has undergone significant restructuring and has focused on strengthening its core business operations. The company has divested non-core businesses and assets, such as its aircraft leasing unit, and has worked to improve its risk management practices. AIG has also implemented new technology solutions to better serve its customers and improve operational efficiency.
Overall, AIG remains a major player in the global insurance industry and continues to offer a wide range of insurance products and services to its customers. The company’s commitment to innovation and strategic investments in technology are helping it remain competitive in an increasingly complex and dynamic marketplace.