AIG overtakes MetLife as biggest life insurer.American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. has emerged as the largest U.S. life insurance company based on admitted assets--overtaking the former leader, MetLife. But, AIG's claim on the top spot may be short lived when MetLife closes on a pending $11.5 billion acquisition later this year.
As of year-end 2004, 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 Life Group's admitted assets were approximately $327 billion, up about 17.5% from year-end 2003, while the admitted assets of Metropolitan Life & Affiliated Cos. at year-end 2004 were almost $308 billion, up an estimated 8% from year-end 2003, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. preliminary 2004 financial data of U.S. operations only as compiled by A.M. Best Co.
Both companies have had five-year growth in admitted assets at about 31% for their U.S. life operations, according to A.M. Best data.
Annuities are the "single biggest factor" driving AIG's life operations to the top, said Jack Gibson
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see boophilusannulatus. Life Practice for Towers Perrin Towers Perrin is a global professional services firm.
It was established 1 March 1934 as Towers, Perrin, Forster & Crosby. The umbrella name of Towers Perrin was adopted in 1987. . "They have a huge growth in their annuities and most notably, in Sun America," he said, referring to AIG's 1998 acquisition.
MetLife's statutory earnings have generally improved on a historical basis, with particular improvement seen in the most recent year marked by strengthening in its group annuities business and no statutory losses sustained in any of its business lines, Marc Steinberg, an A.M. Best financial analyst said.
Although these results are based solely on U.S. operations, Gibson said that AIG has done a better job, "probably than any other company," in creating a global brand.
However, a major acquisition will have MetLife reigning at No. 1 again, and with a stronger international distribution organization.
MetLife is buying Citigroup Inc.'s Travelers Life & Annuity unit Annuity Unit
An accumulation unit for which the annuitant has annuitized their contract. This is a sub-account of the retiree's total accumulated annuity. These units represents a fixed share of ownership of the insurer's accounts portfolio. and nearly all of Citigroup's international insurance businesses. Related to the sale, Citigroup and MetLife entered 10-year agreements under which MetLife would expand its distribution by making products available through some Citigroup distribution channels.
According to A.M. Best, if the merger was taken into account, pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts.
The phrase pro forma MetLife-Travelers consolidated admitted assets, at year-end 2004, would have been $394.78 billion.
With the acquisition of Travelers Life & Annuity, on a pro forma basis, MetLife's admitted assets should grow by an estimated $80 billion to $90 billion which should help it regain the No. 1 ranking in admitted assets once the acquisition of Travelers is completed for year-end 2005, Steinberg said.