A.M. Best Assigns Group Rating of A++ to AIG Life Insurance Subsidiaries.OLDWICK, N.J.--(BUSINESS WIRE)--March 31, 1999--A.M. Best Co. today assigned a group rating of A++ (Superior) to the American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. of life insurers. This group rating applies to the core North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. life insurance operating subsidiaries of American International Group Inc. and SunAmerica, Inc., which was recently acquired by AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group . The rating reflects the enterprise's excellent operating performance and strong capitalization, as well as the advantages gained by being an integral part of the American International Group Inc.'s worldwide operations. AIG is a recognized global leader in a wide range of insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. businesses, whose strength stems from its extensive worldwide distribution network, broad product offerings, consistently strong operating performance and considerable financial flexibility. AIG's global life insurance operations have been a significant contributor to its revenues and earnings. In recent years, life insurance sales have shown robust growth. AIG maintains one of the most extensive global life insurance networks in the industry. Over the years, AIG has demonstrated its ability to rapidly enter new territories -- which A.M. Best views as a significant competitive advantage. With the acquisition of SunAmerica, a leading retirement savings firm in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , prospects for future penetration in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. , Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. and other regions are very favorable. Opportunities for organic growth in international markets also remain strong, given the companies' franchise strength and the trend toward privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned of retirement plans in Europe and Latin America. Additionally, marketing SunAmerica's asset accumulation products through AIG's diverse international distribution system, including its more than 120,000 life insurance agents, is expected to expand its international sales. The acquisition of SunAmerica Inc., which closed in January 1999, establishes a firm footing in the domestic retirement services market and also improves AIG's growth potential in overseas markets. A.M. Best believes the combination of SunAmerica's extensive distribution system, diverse product portfolio and efficient administrative platform with AIG's excellent financial and operational flexibility should fuel profitable domestic growth of retirement products. The linking of the product development expertise of AIG and SunAmerica positions the organization well for expansion into the variable-life market. A significant part of AIG's strength has been driven by its property/casualty businesses. These companies are recognized for their highly specialized underwriting expertise, innovative products, broad coverages and service capabilities that has enabled AIG to gain market share globally. A commitment to financial discipline and a cost-effective operating platform have led to outstanding operating performance relative to other property/casualty insurance companies. A.M. Best believes AIG's long-term prospects for earnings growth are favorable given their franchise value, product innovation, underwriting quality and sophisticated risk-management capabilities, including the extensive use of quality reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . AIG, is an international insurance organization that ranks as the largest underwriter of commercial and industrial insurance in the United States. Through its network of companies, AIG conducts business in approximately 130 countries and jurisdictions. At year-end 1998, AIG had revenues of $33 billion, consolidated assets of $194 billion and capital funds of $27 billion. The assignment of the A++ group ratings constitutes an upgrade from A+ (Superior) for AIG Life Insurance Co., American International Life Assurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , SunAmerica Life Insurance Co., Anchor National Life Insurance Co. and First SunAmerica Life Insurance Co. AIG Life Insurance Company of Puerto Rico, Delaware American Life Insurance Co. and CalAmerica Life Insurance Co. previously were rated A (Excellent). Sun America National Life Insurance Co. previously was designated NR-3 (Rating Procedure Inapplicable in·ap·pli·ca·ble adj. Not applicable: rules inapplicable to day students. in·ap ), and AIG Life Insurance Company of Canada was not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by A.M. Best. In addition, Pacific Union Assurance Company has been upgraded to A+ (Superior) from Financial Performance Rating 7 (Strong), reflecting the strategic role it holds in the domestic AIG life insurance activities. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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