Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your American International Group shopping experience:
1. Compare - without doubt the biggest advantage that the American International Group offers shoppers today is the ability to compare thousands of American International Group at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a American International Group? Wrong! If the American International Group is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about American International Group then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling American International Group? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about American International Group and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your American International Group wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your American International Group then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the American International Group site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about American International Group, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your American International Group, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
"AIG" redirects here. For other uses, see AIG (disambiguation).
{{Infobox_Company |company_name = American International Group, Inc |
company_logo = ]|
company_type = [Public company ({{nyse|AIG-->; {{tyo|8685-->)|
company_slogan = |
foundation = 1919 |
location = [70 Pine Street, [New York City, New York|
key_people = [Martin J. Sullivan, CEO|
num_employees = 97,000|
industry = [Insurance [Financial Services|
products = [Insurance [Annuity (US financial products) [Mutual Funds [Financial Products|
revenue = {{profit--> $113.194 Billion [USD (2006)|
net_income ={{profit--> $14.048 Billion [USD (2006)|
homepage = http://www.aig.com www.aig.com
-->
American International Group, Inc. (
AIG) (; ) is a major
United States insurance corporation based in
New York City. It has its European HQ in
Croydon in London, England,
UK and its
AIG Tower in
Hong Kong,
People's Republic of China. AIG is the sixth-largest company in the world according to the 2007 Forbes Global 2000 list. The company became a component of the
Dow Jones Industrial Average on April 8,
2004. It is also the sponsor of
Manchester United F.C. On December 11, 2006 it was announced that a division of AIG would purchase from
Dubai Ports World Dubai Ports World controversy.
History
AIG's history dates back to 1919 by when
Cornelius Vander Starr set up an insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese. When his business was successful there, he expanded to Asia,
Latin America,
Europe, and the Middle East.
In 1962, Starr gave management of the company's unsuccessful
United States holdings to Maurice R. Greenberg, who shifted the company's U.S. focus from personal insurance to high-margin corporate coverage. Greenberg focused on selling the insurance through independent
insurance brokers rather than agents because Greenberg wanted to avoid selling insurance at prices which occasionally became too low (to cover the future payouts) given marketplace competition; a company with agents must pay their salary even while selling little to no insurance. Instead, with brokers, AIG could price insurance properly even if it suffered decreased sales of certain products for long lengths of time with very little extra expense. In 1968, Starr named Greenberg his successor. The company Initial public offering in 1969. Greenberg resigned as the company's
CEO in February 2005 amid concern from the board about regulatory inquiries.
On
6 April 2006, AIG president and chief executive
Martin J. Sullivan, announced American International Group (AIG) as the new shirt sponsors of English
football (soccer) team
Manchester United F.C., in a British record shirt sponsorship deal of GBP56.5 million (£14.1 million a year) over four years.
Holdings
in Hong KongAIG owns
International Lease Finance Corporation, the world's largest aircraft leasing company, with hundreds of aircraft ranging from Airbus A319s to Boeing 747s.
Through various subsidiaries, AIG owns about 62% of 21st Century Insurance Group (see http://finance.yahoo.com/q?s=TW)
AIG owns
American International Assurance known as AIA. It is an insurance company based in Hong Kong and has offices in
Asia-Pacific region.
AIG directly owns 9.9% of People's Insurance Company of China (PICC). Through three subsidiaries plus its direct ownership, AIG actually owns 19.8 percent.
AIG owns Stowe Mountain Resort and a private golf course in Vermont. AIG's connection to Stowe started when C.V. Starr, the company's founder, invested in the resort in 1946. Maurice R. Greenberg has a home in Stowe and still skis. Stowe is AIG's sole ski business. At Stoic Old Stowe, a New Era
Since May 2007, AIG also owns most of the Bulgarian Telecommunications Company and the third Bulgarian mobile operator,
Vivatel.
AIG also owns AIG American General, a life insurance company based out of Houston, Texas. American General Life Insurance Company owns Matrix Direct Insurance Services, one of the largest direct marketers of Term Life Insurance
Business
AIG is the world's leading international
insurance and
financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve Commerce,
institutional and individual customers through the most extensive worldwide property-casualty and
life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through
AIG SunAmerica and
AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as stock exchanges in
London, Paris,
Switzerland and
Tokyo. AIG are also the principal sponsor of English football team
Manchester United and the
Japan Open Tennis Championships.
Business Model
A major focus of AIG's insurance business model is the concept of an
underwriting profit. For example, an auto insurer collects money every month from its customers in the form of premium. Should a customer have a covered auto accident, the company pays out a claim. In the time between the receipt of each premium payment and the paying of the claim, the money received by the insurer can be invested. Returns from
investments are the primary source of profits for an insurance company. If the amount of premiums taken in is greater than the claims paid out even before taking into account investment returns the excess additional profit is called an "underwriting profit". Greenberg believed that it was necessary for an insurance company to make an underwriting
profit, even though typically most insurance companies do not.
Litigation
In November 2004, AIG reached US$126 million settlement with the
U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, but the company still must cooperate with investigators continuing to probe the sale of a "non-traditional insurance product." The settlement concerned a so-called "finite insurance" product.
Sponsorship
In
2006, AIG became main sponsors of Manchester United F.C..
Accounting fraud claims
In 2005 AIG came under investigation for accounting
fraud.
Timeline
- On October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh & McLennan Companies for steering clients to preferred insurers with whom the Company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct.
- In early May 2005, AIG restates financial statements, and issues a reduction in book value of USD $2.7 billion, a 3.3 percent reduction in net worth. AIG's share price falls due to conservative investors selling shares.
- On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion.
Corporate Governance
Board of directors
External links
- AIG Website
- Corporate information
Data
- Yahoo! – American International Group, Inc. Company Profile.
Books
- Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG
Articles
- AIG to reveal details of Gen Re deal
- Famous Philanthropists and the Foundations They Built - Part 1 ... - Cornelius Vander Starr
"AIG" redirects here. For other uses, see AIG (disambiguation).
{{Infobox_Company |company_name = American International Group, Inc |
company_logo = ]|
company_type = [Public company ({{nyse|AIG-->; {{tyo|8685-->)|
company_slogan = |
foundation = 1919 |
location = [70 Pine Street, [New York City, New York|
key_people = [Martin J. Sullivan, CEO|
num_employees = 97,000|
industry = [Insurance [Financial Services|
products = [Insurance [Annuity (US financial products) [Mutual Funds [Financial Products|
revenue = {{profit--> $113.194 Billion [USD (2006)|
net_income ={{profit--> $14.048 Billion [USD (2006)|
homepage = http://www.aig.com www.aig.com
-->
American International Group, Inc. (
AIG) (; ) is a major United States
insurance corporation based in New York City. It has its European HQ in
Croydon in London,
England,
UK and its AIG Tower in Hong Kong,
People's Republic of China. AIG is the sixth-largest company in the world according to the 2007
Forbes Global 2000 list. The company became a component of the Dow Jones Industrial Average on
April 8,
2004. It is also the sponsor of Manchester United F.C. On December 11, 2006 it was announced that a division of AIG would purchase from
Dubai Ports World Dubai Ports World controversy.
History
AIG's history dates back to 1919 by when
Cornelius Vander Starr set up an insurance agency in
Shanghai,
China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese. When his business was successful there, he expanded to Asia, Latin America, Europe, and the Middle East.
In 1962, Starr gave management of the company's unsuccessful United States holdings to Maurice R. Greenberg, who shifted the company's U.S. focus from personal insurance to high-margin corporate coverage. Greenberg focused on selling the insurance through independent
insurance brokers rather than agents because Greenberg wanted to avoid selling insurance at prices which occasionally became too low (to cover the future payouts) given marketplace competition; a company with agents must pay their salary even while selling little to no insurance. Instead, with brokers, AIG could price insurance properly even if it suffered decreased sales of certain products for long lengths of time with very little extra expense. In 1968, Starr named Greenberg his successor. The company
Initial public offering in 1969. Greenberg resigned as the company's
CEO in February 2005 amid concern from the board about regulatory inquiries.
On 6 April
2006, AIG president and chief executive Martin J. Sullivan, announced American International Group (AIG) as the new shirt sponsors of English football (soccer) team
Manchester United F.C., in a British record shirt sponsorship deal of GBP56.5 million (£14.1 million a year) over four years.
Holdings
in Hong KongAIG owns
International Lease Finance Corporation, the world's largest aircraft leasing company, with hundreds of aircraft ranging from
Airbus A319s to
Boeing 747s.
Through various subsidiaries, AIG owns about 62% of 21st Century Insurance Group (see http://finance.yahoo.com/q?s=TW)
AIG owns American International Assurance known as AIA. It is an insurance company based in Hong Kong and has offices in Asia-Pacific region.
AIG directly owns 9.9% of People's Insurance Company of China (PICC). Through three subsidiaries plus its direct ownership, AIG actually owns 19.8 percent.
AIG owns Stowe Mountain Resort and a private golf course in Vermont. AIG's connection to Stowe started when C.V. Starr, the company's founder, invested in the resort in 1946. Maurice R. Greenberg has a home in Stowe and still skis. Stowe is AIG's sole ski business. At Stoic Old Stowe, a New Era
Since May 2007, AIG also owns most of the
Bulgarian Telecommunications Company and the third Bulgarian mobile operator, Vivatel.
AIG also owns AIG American General, a life insurance company based out of Houston, Texas. American General Life Insurance Company owns Matrix Direct Insurance Services, one of the largest direct marketers of Term Life Insurance
Business
AIG is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve
Commerce, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through
AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the
New York Stock Exchange, as well as stock exchanges in
London, Paris,
Switzerland and Tokyo. AIG are also the principal sponsor of English football team Manchester United and the
Japan Open Tennis Championships.
Business Model
A major focus of AIG's insurance business model is the concept of an
underwriting profit. For example, an auto insurer collects money every month from its customers in the form of premium. Should a customer have a covered auto accident, the company pays out a claim. In the time between the receipt of each premium payment and the paying of the claim, the money received by the insurer can be invested. Returns from investments are the primary source of profits for an insurance company. If the amount of premiums taken in is greater than the claims paid out even before taking into account investment returns the excess additional profit is called an "underwriting profit". Greenberg believed that it was necessary for an insurance company to make an underwriting profit, even though typically most insurance companies do not.
Litigation
In November 2004, AIG reached US$126 million settlement with the U.S. Securities and Exchange Commission and the
Justice Department partly resolving a number of regulatory matters, but the company still must cooperate with investigators continuing to probe the sale of a "non-traditional insurance product." The settlement concerned a so-called "finite insurance" product.
Sponsorship
In
2006, AIG became main sponsors of Manchester United F.C..
Accounting fraud claims
In 2005 AIG came under investigation for accounting fraud.
Timeline
- On October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh & McLennan Companies for steering clients to preferred insurers with whom the Company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct.
- In early May 2005, AIG restates financial statements, and issues a reduction in book value of USD $2.7 billion, a 3.3 percent reduction in net worth. AIG's share price falls due to conservative investors selling shares.
- On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion.
Corporate Governance
Board of directors
External links
- AIG Website
- Corporate information
Data
- Yahoo! – American International Group, Inc. Company Profile.
Books
- Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG
Articles
- AIG to reveal details of Gen Re deal
- Famous Philanthropists and the Foundations They Built - Part 1 ... - Cornelius Vander Starr
AIG
AIG | American International Group, Inc. | Corporate Information
AIG, American International Group, Inc. Corporate Information Web site
American International Group Inc AIG:NYQ - Performance - FT.com
As of last close on Aug 19 2008, American International Group Inc (AIG:NYQ) closed at 20.32, 2.99% above its 52-week low of 19.73, set on July 15, 2008.
American International Group - Wikipedia, the free encyclopedia
American International Group, Inc. (AIG) (NYSE: AIG) is a major American insurance corporation based in New York City. The UK headquarters are located on Fenchurch Street in ...
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American International Group, Inc. (AIG)
International insurance and financial services organization, with operations in approximately 130 countries and jurisdictions.
American International Group
