AIG at a glance
abs-cbnNEWS.com | 10/04/2008 2:45 AM
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AIG (American International Group) is a holding company, which through its subsidiaries, is engaged in providing insurance, financial and investment products and services to both businesses and individuals in more than 130 countries.
AIG's primary business activities are:
- General Insurance operations. AIG insures, guarantees, and reinsures business-related risks. Its property and casualty units insure planes, shipping, factories, homes and cars and protect commercial property owners against terrorist attacks. AIG Chief Executive Edward Liddy said on October 3 that they will keep business units under this category, and "literally, everything else that doesn't fit under that definition we are considering for sale."
- Life Insurance & Retirement Services. AIG provides insurance, financial, and investment-oriented products worldwide. Philippines-based PhilAm Life is under one of the Foreign Life Insurance sub-units, the American Life Insurance Company (ALICO). AIG said it will sell parts of ALICO, which operates in more than 55 nations and regions.
- Financial Services and Asset Management. AIG is the largest lessor of planes to airlines. It is also in capital markets, where one of the units is the main culprit for bringing the company to its knees. This unit sold credit-default swaps, the protection for debt investors that plunged in value as the securities they guaranteed declined, which hobbled AIG. It caused more than $25 billion in writedowns in three quarters.
Summing it up
Revenue (2007) US$110 billion
Net income (2007) $14 billion
Total Assets (June '08) $1.05 trillion
Total Liabilities (June '08) $ 972 billion
Total Equity (June '08) $ 78 billion
Employees (June '08) 116,000
