American International Group
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"AIG" redirects here. For other uses, see AIG (disambiguation).
 | |
| Type | Public (NYSE: AIG) S&P 500 Component |
|---|---|
| Industry | Insurance Financial services |
| Founded | Shanghai, China (1919) |
| Founder(s) | Cornelius Vander Starr |
| Headquarters | American International Building New York City, New York , U.S. |
| Area served | Worldwide |
| Key people | Harvey Golub (Chairman)[1] Robert Benmosche (President and CEO) |
| Products | Insurance annuities Mutual funds |
| Revenue | ▼ $96.004 billion (2009)[2] |
| Operating income | ▼ -$13.648 billion (2009)[2] |
| Net income | ▼ −$10.949 billion (2009)[2] |
| Total assets | ▼ $847.585 billion (2009)[2] |
| Total equity | ▼ $69.824 billion (2009)[2] |
| Employees | 116,000 (2009)[2] |
| Website | AIG.com |
American International Group, Inc. (AIG) (NYSE: AIG) is an American insurance corporation. Its corporate headquarters are located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in La Défense, Paris, and its Asian headquarters office is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was once the 18th-largest public company in the world. It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008.
AIG suffered from a liquidity crisis when its credit ratings were downgraded below "AA" levels in September 2008. The United States Federal Reserve Bank on September 16, 2008 created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. The Federal Reserve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70 billion, a $60 billion credit line and $52.5 billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182.5 billion.[3][4] AIG subsequently sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets. New York state Attorney General Andrew Cuomo in 2009 stated he intended to disclose names of those receiving bonuses.[5]
