AIG 2006 Annual Report Download - page 16
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14 AIG 2006 Annual Report
AIG formed AIG Takaful in 2006, a
Bahrain-based company that will
offer policies that comply with
Shariah, or Islamic law. AIG Takaful
will provide a range of products,
including accident and health, auto-
mobile, personal contents and prop-
erty, among others. AIG Takaful will
initially serve Gulf markets, with
plans to expand into countries
throughout Asia, as well as in the
United States, the United Kingdom
and other countries that are home
to the world’s 1.6 billion Muslims.
The Takaful industry is experiencing
tremendous growth and AIG, a
leader in developing innovative and
culturally sensitive products and
services, is eager to serve it.
Stepping outside North America
for the first time, American General
Finance has acquired Ocean Finance
and Mortgages Limited in the U.K.,
afinance broker offering homeowner
loans, mortgages and refinancing
programs.
AIG employees worldwide are committed to the highest ethical
standards. How we do business is as important as the business
that we do. Our colleagues share a common bond and a strong
belief that the basic principles of corporate governance, fairness,
transparency, accountability and responsibility are relevant all over
the world.
Strategies that empower entrepreneurial drive and innovation
propel AIG’s growth and expansion in General Insurance, Life
Insurance & Retirement Services, Financial Services and Asset
Management. The extensive product range that emanates from
these businesses generates strong revenue streams throughout
the world. Through this broad range, AIG is poised to act quickly
to market changes and emerging customer needs with new prod-
ucts. Enhancing our capability in this regard, AIG has a dedicated
corporate group whose sole responsibility is to work with business-
es to develop products to meet new and emerging needs.
Moving forward, AIG companies throughout the world are well
positioned to respond to opportunities that will arise from major
global economic trends. For example, the worldwide demographic
shift to an aging population will place unprecedented demands on
public pension and healthcare services. These trends create growth
opportunities for AIG businesses in life insurance, retirement servic-
es and asset management to provide attractive products and
investment options, as well as retirement advice.