AIG 2012 Annual Report Download - page 31

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Life Insurance Retirement Services
The Life Insurance operating segment offers a broad The Retirement Services operating segment provides
range of protection and mortality-based products. These investment, retirement and income solutions products
products are marketed under four principal brands – and services. These products and services are
American General, AGLA, AIG Direct and AIG Benefit marketed through a variety of brands described below.
Solutions.
Group Retirement: Products are marketed under the
Life Insurance and A&H: Primary products include Variable Annuity Life Insurance Company (VALIC)
term life insurance, universal life insurance and A&H brand and include fixed and variable group annuities,
products. Life insurance and A&H products are group mutual funds, and group administrative and
distributed through independent marketing organizations compliance services. VALIC career financial advisors
and independent insurance agents under the American and independent financial advisors provide retirement
General brand. Career agents distribute Life Insurance plan participants with enrollment support and
and A&H products under the AGLA brand. American comprehensive financial planning services.
General and AGLA will continue to focus on innovative
product development and delivering differentiated Fixed Annuities: Products are primarily marketed
product solutions to producers and customers. AIG under the Western National brand and include single
Direct (formerly known as Matrix Direct) is a proprietary and flexible premium deferred fixed annuities. Western
direct-to-consumer distributor of term life insurance and National maintains its leading industry position in the
A&H products. bank distribution channel by designing products in
cooperation with banks and offering an efficient and
Institutional: Products primarily include structured flexible administration platform.
settlement and terminal funding annuities, fixed payout
annuities, private placement variable annuities and Variable Annuities: Products are marketed under the
variable life insurance, corporate-owned life insurance, SunAmerica Retirement Markets (SARM) brand and are
bank-owned life insurance, and stable value wrap designed to provide customers with retirement income.
products. These products are marketed under the Customers may choose among a wide range of variable
American General brand through independent marketing annuities offering diverse investment options and
organizations and structured settlement brokers. product features, including stock and fixed income
Institutional Markets has a disciplined and opportunistic portfolios, guaranteed death benefits and various
approach to growth in these product lines. guaranteed retirement income solutions. Variable
annuity products are distributed through banks and
Group Benefits: In 2012, AIG Life and Retirement and national, regional and independent broker-dealer firms.
AIG Property Casualty combined their U.S. group
benefits businesses and operate as AIG Benefits Brokerage Services: Includes the operations of Advisor
Solutions. This business will continue to market a wide Group, which is one of the largest networks of
range of insurance and benefits products for employees independent financial advisors in the U.S. Brands
(both employer paid and voluntary) and affinity groups. include Royal Alliance, SagePoint, FSC Securities and
Primary product offerings include life insurance, Woodbury Financial, which we acquired in November
accidental death, business travel accident, disability 2012 for $48 million after purchase price adjustments.
income, medical excess (stop loss), dental, vision and
worksite universal life, critical illness and accident. Retail Mutual Funds: Includes the mutual fund and
related administration and servicing operations of
SunAmerica Asset Management.
AIG Life and Retirement conducts its business primarily through three major insurance operating companies:
American General Life Insurance Company, The Variable Annuity Life Insurance Company and The United States
Life Insurance Company in the City of New York.
..................................................................................................................................................................................................................................
AIG 2012 Form 10-K14
ITEM 1 / BUSINESS / AIG LIFE AND RETIREMENT
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