AIG is an American International Group, the giant global insurance was narrowly saved from bankruptcy by the U.S. Federal Reserve Wednesday, September 17.
The group employs 116,000 employees worldwide and covers 74 million customers, mostly in the United States.
HISTORY
AIG was founded in Shanghai by an American of Dutch origin, Cornelius Vander Starr (1892-1968), first foreigner to sell insurance products to the Chinese. Cornelius Starr Vandrer move the group’s headquarters in New York after the takeover by the Communists in Beijing in 1949, and will be head of al group until his death.
RANK IN THE WORLD
AIG is the 18th World Group annual ranking by Forbes magazine, which is based on four criteria (turnover, assets, capitalization and profits). AIG, long a world leader, is only third in the list after the Dutch ING and Allianz of Germany but ahead of French Axa.
LOSSES
13.16 billion dollars over the first two quarters of 2008, after a loss of 5.3 billion in the last quarter of 2007. In all of 2007, the group still achieved a net profit of 6.2 billion against 14 billion in 2006.
ACTIVE
1060 billion (2007). The group had to depreciate to 25 billion in assets in recent months.
TURNOVER
110.1 billion (2007).
STAFF
116,000 employees in 130 countries.
CUSTOMERS
74 million.
CEO
Robert Willumstad, 62, who replaced Martin Sullivan in June, party in the wake of financial woes of the group. He himself had succeeded legendary Hank Greenberg, Starr’s successor in 2005.
SHARE
The action of AIG fell 21.22% to $ 3.75 Tuesday, having already slumped 31% to 61% on Friday and Monday. The title was still worth 68 dollars there a year ago.
ACTIVITIES
Casualty insurance, life insurance and pension funds, financial services and asset management. The financial services industry leads the subsidiary leasing Aviation International Lease Finance Corporation (ILFC), the largest customer of Airbus and Boeing. ILFC manages a fleet of over 900 aircraft, worth over 50 billion dollars.
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