AIG 2014 Annual Report Download - page 21

ITEM 1 / BUSINESS / AIG
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In this Annual Report on Form 10-K, unless otherwise mentioned or unless the context indicates otherwise,
we use the terms “AIG,” the “Company,” “we,” “us” and “our” to refer to American International Group, Inc., a
Delaware corporation, and its consolidated subsidiaries. We use the term “AIG Parent” to refer solely to
American International Group, Inc., and not to any of its consolidated subsidiaries.
AIG’s Global Insurance Operations
BUSINESS MANAGEMENT
On September 1, 2014, in accordance with AIG’s previously disclosed succession plan, Peter D. Hancock assumed the role of
President and Chief Executive Officer of AIG and joined AIG’s Board of Directors. He succeeded Robert H. Benmosche, who
retired and currently serves as an advisor to AIG.
With this transition, Mr. Hancock has announced a new leadership team and structure aimed at integrating the Company and
positioning us to deliver the full capabilities of AIG to our approximately 90 million clients around the world as One AIG. We
believe that by striving to provide the greatest value to our customers, we can deliver improved operating and financial
performance and sustainable, profitable growth. Our strategy is focused on enhancing the value and competitive position of
our insurance businesses and investing our capital where we can achieve attractive risk-adjusted returns, while maintaining
strong levels of liquidity and capital.
In the fourth quarter of 2014, we modified the presentation of our results to reflect our new operating structure. The new
operating structure includes two reportable segments, Commercial Insurance and Consumer Insurance, and a Corporate and
Other category. Commercial Insurance has three operating segments: Property Casualty, Mortgage Guaranty and Institutional
Markets. Consumer Insurance also has three operating segments: Retirement, Life and Personal Insurance. The Corporate
and Other category consists of businesses and items not allocated to our reportable segments. Prior to the fourth quarter of
2014, AIG reported its results through two reportable segments – AIG Property Casualty and AIG Life and Retirement.
Certain of our management activities, such as investment management, enterprise risk management, liquidity management
and capital management, and our balance sheet reporting, are conducted on a legal entity basis. We group our insurance-
related legal entities into two categories: Non-Life Insurance Companies and Life Insurance Companies.
Non-Life Insurance Companies include the following major property casualty and mortgage guaranty companies: National
Union Fire Insurance Company of Pittsburgh, Pa.(National Union); American Home Assurance Company (American Home);
Lexington Insurance Company (Lexington); Fuji Fire and Marine Insurance Company Limited (Fuji Fire); American Home
A
ssurance Company, Ltd. (American Home Japan); AIG Asia Pacific Insurance, Pte, Ltd.; AIG Europe Limited and United
Guaranty Residential Insurance Company (UGRIC).
Life Insurance Companies include the following major operating companies: American General Life Insurance Company
(American General Life); The Variable Annuity Life Insurance Company (VALIC); The United States Life Insurance Company in
the City of New York (U.S. Life) and AIG Fuji Life Insurance Company Limited (Fuji Life).