AIG 2010 Annual Report Download - page 20

American International Group, Inc., and Subsidiaries
Part I
Item 1. Business
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in
more than 130 countries. AIG companies serve commercial, institutional and individual customers through one of
the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading
providers of life insurance and retirement services in the United States. AIG Common Stock, par value $2.50 per
share (AIG Common Stock), is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.
Throughout this Annual Report on Form 10-K, the terms AIG, the Company, we, us and our are used to
collectively refer to AIG, a Delaware corporation, and its consolidated subsidiaries. The term AIG Parent refers
solely to American International Group, Inc., a Delaware corporation, and not to any of its consolidated
subsidiaries.
In September 2008, liquidity issues resulted in AIG seeking and receiving governmental support through a credit
facility from the Federal Reserve Bank of New York (the FRBNY, and such credit facility, the FRBNY Credit
Facility) and funding from the United States Department of the Treasury (Department of the Treasury) through
the Troubled Asset Relief Program (TARP). On January 14, 2011, AIG was recapitalized (the Recapitalization)
and the FRBNY Credit Facility was repaid and terminated through a series of transactions that resulted in the
Department of the Treasury becoming AIG’s majority shareholder with ownership of approximately 92 percent of
AIG’s outstanding common stock. AIG understands that, subject to market conditions, the Department of the
Treasury intends to dispose of its ownership interest over time, and AIG has granted certain registration rights to
the Department of the Treasury to facilitate such sales. See Management’s Discussion and Analysis of Financial
Condition and Results of Operations — Capital Resources and Liquidity and Notes 1 and 26 to the Consolidated
Financial Statements for further discussion of the governmental support provided to AIG and the Recapitalization.
AIG reports the results of its operations through the following three reportable segments:
•Chartis — AIG’s property and casualty operations are conducted through multiple line companies writing
substantially all commercial and consumer lines both domestically and abroad. Beginning in the third quarter
of 2010, reporting includes the results of Fuji Fire & Marine Insurance Company Limited (Fuji), a recently
consolidated business writing primarily consumer lines in Japan. These operations were rebranded under the
Chartis brand in 2009.
•SunAmerica Financial Group (SunAmerica) — SunAmerica offers a comprehensive suite of products and
services to individuals and groups, including term life, universal life, accident and health (A&H), fixed and
variable deferred annuities, fixed payout annuities, mutual funds and financial planning. SunAmerica offers
its products and services through a diverse, multi-channel distribution network that includes banks, national,
regional and independent broker-dealers, affiliated financial advisors, independent marketing organizations,
independent and career insurance agents, structured settlement brokers, benefit consultants and
direct-to-consumer platforms. These operations were previously known as AIG Domestic Life Insurance &
Retirement Services and were renamed SunAmerica in 2009.
•Financial Services — AIG’s financial services businesses engage in commercial aircraft leasing through
International Lease Finance Corporation (ILFC) and the remaining Capital Markets portfolios through AIG
Financial Products Corp. and AIG Trading Group Inc. and their respective subsidiaries (collectively,
AIGFP).
4 AIG 2010 Form 10-K