DOCSLIB.ORG

AIG Contents American International Group, Inc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AIG Contents American International Group, Inc American 2006 International Annual Group, Inc. Report Putting Strategies Into Action About AIG Contents American International Group, Inc. (AIG), world Financial Highlights 1 leaders in insurance and financial services, is Letter to Shareholders 2 the leading international insurance organization, with operations in more than 130 countries and AIG: Putting Strategies Into Action 9 jurisdictions. AIG companies serve commercial, AIG at a Glance 22 institutional and individual customers through the most extensive worldwide property-casualty Review of Operations 24 and life insurance networks of any insurer. In Reconciliation in Accordance addition, AIG companies are leading providers with Regulation G 40 of retirement services, financial services and Five Year Summary of asset management around the world. Consolidated Operations 41 Five Year Summary of Selected About the Cover Financial Information 42 Supplemental Many of our largest commercial customers in Financial Information 44 the United States purchase three or more 46 different kinds of property-casualty insurance Board of Directors from AIG’s Domestic Brokerage Group (DBG) Corporate Directory 47 companies. DBG puts a “total account review” strategy into action for these customers where Annual Report on Form 10-K Inside underwriters, claims and business development Shareholder Information Back Cover professionals work alongside one another, as they are shown here, to ensure the delivery of best-in-class products and services. Financial Highlights (in millions, except per share data and ratios) 2006 2005 % Change Net income $ 14,048 $ 10,477 34.1 Realized capital gains, net of tax 33 201 — FAS 133 gains (losses), excluding realized capital gains (losses), net of tax (1,424) 1,530 — Cumulative effect of an accounting change, net of tax 34 —— Adjusted net income(a) 15,405 8,746 76.1 Net income, per common share—diluted 5.36 3.99 34.3 Adjusted net income, per common share—diluted(a) 5.88 3.33 76.6 Book value per common share 39.09 33.24 17.6 Revenues(b) $ 113,194 $ 108,905 3.9 Assets 979,414 853,051 14.8 Shareholders’ equity 101,677 86,317 17.8 General Insurance combined loss and expense ratio 89.06 104.69 General Insurance combined loss and expense ratio, excluding current year catastrophe-related losses 89.06 97.63 (a) Excludes realized capital gains, the cumulative effect of an accounting change and FAS 133 gains (losses). (b) Represents the sum of General Insurance net premiums earned, Life Insurance & Retirement Services GAAP premiums, net investment income, Financial Services interest, lease and finance charges, Asset Management net investment income from spread-based products and advisory and management fees, and realized capital gains (losses). Net Income Net Income per Book Value per (billions of dollars) Common Share–Diluted Common Share (dollars) (dollars) 39.09 14.05 5.36 33.24 30.69 10.48 9.84 3.99 26.54 3.73 8.11 22.34 3.07 5.73 2.17 ’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06 (c) (d) (e) (f) (g) Revenues Assets Shareholders’ Equity (billions of dollars) (billions of dollars) (billions of dollars) 979.4 113.2 108.9 101.7 853.1 97.7 801.0 86.3 79.7 79.4 675.6 69.2 561.1 66.2 58.3 ’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06 (c) 2002 included General Insurance loss reserve charge of $1.34 billion and FAS 133 gains of $20 million. (d) 2003 included FAS 133 losses of $697 million. (e) 2004 included $729 million in current year catastrophe-related losses, $144 million loss related to the cumulative effect of an accounting change, $553 million charge for a change in estimate for asbestos and environmental reserves, and $315 million of FAS 133 gains. (f) 2005 included $2.11 billion in current year catastrophe-related losses, $1.19 billion for General Insurance fourth quarter reserve charge, $1.15 billion of settlement charges, and $1.53 billion of FAS 133 gains. (g) 2006 included a $34 million gain related to the cumulative effect of an accounting change and $1.42 billion of FAS 133 losses. Annual Report 2006 AIG 1 Dear Fellow Shareholders: 2006 was an excellent year, starting with the resolution of our significant regulatory challenges and ending with record financial results. hroughout my 35-year career with AIG, my regard for this 2006 Results extraordinary company has grown immensely. After AIG reported record net income for 2006 of $14.05 billion, an T increase of 34.1 percent over 2005. The company earned $5.36 two years as President and Chief Executive Officer, I have gained an entirely new appreciation for AIG’s strength and per diluted share in 2006, 34.3 percent higher than the $3.99 resilience. 2006 was an excellent year, starting with the resolution per diluted share earned in 2005. Results for 2005 included a of our significant regulatory challenges and ending with record $1.15 billion after-tax charge for regulatory settlements and a $1.19 billion after-tax charge related to an increase in net financial results. We made significant progress in capital manage- reserve for losses and loss expenses. AIG also reported a record ment, allowing us to announce a new dividend policy and share $2.11 billion in after-tax catastrophe-related losses in 2005. repurchase program in early 2007. In addition, we continued to Net income in 2006 included the effect of economically effec- improve our financial control environment, providing greater tive hedging activities that did not qualify for hedge accounting transparency in our financial disclosures and remaining on the treatment under FAS 133, including the related foreign exchange forefront of good corporate governance. gains and losses. Full-year 2006 adjusted net income was The road from uncertainty to success was not an easy one. $15.41 billion, or $5.88 per diluted share, compared to $8.75 bil- Traveling it required the focused and determined efforts of AIG’s tal- lion or $3.33 per diluted share in 2005. ented employees all over the world. Through their efforts, we exe- Solid execution of our strategies and the absence of significant cuted our strategy and achieved healthy growth in our businesses. catastrophes contributed to our outstanding results in 2006. Around We also grew as an organization under new governance and man- the world and across all of our business segments we are capitaliz- agement policies that will make AIG more responsive and responsi- ing on growth opportunities, using our business diversity and matrix- ble in every aspect of our business. management structure to respond quickly to customer needs. Last year’s successes were also due in great measure to the As our businesses have grown, so too has our financial strength, inherent strengths of the AIG culture. I don’t know of any other com- which is the foundation for everything we do. During 2006, our pany that combines our depth of talent, entrepreneurship, leading assets grew more than $126 billion, or nearly 15 percent, to worldwide market positions, and business and geographic diversifi- $979.41 billion. To keep pace with net cash provided for invest- cation. These attributes made it possible for AIG to work through ment by our insurance operations and cash generated from difficult challenges while continuing to build shareholder value. our investment portfolio, every day we invest an average of nearly $200 million. At year end, shareholders’ equity was $101.68 bil- lion, an increase of 17.8 percent over 2005. Total revenues in 2006 were $113.19 billion, 3.9 percent above 2005. Our return on equity for 2006 was 15.26 percent and our book value per share grew from $33.24 to $39.09. 2 AIG 2006 Annual Report Martin J. Sullivan President and Chief Executive Officer We achieved a key goal in 2006—stabilizing AIG’s financial •We received regulatory approval from the Reserve Bank of India ratings. All of the major ratings agencies have revised their outlook to operate a wholly owned non-bank finance company that will on AIG and our core insurance subsidiaries to stable from negative. serve as a platform to build our asset management and con- Overall, AIG’s ratings continue to be among the highest of any sumer finance franchise. We believe these businesses will com- insurance and financial services organization in the world. Customers plement our Tata AIG Life and General Insurance joint ventures. and shareholders can be assured that enhancing AIG’s financial •Our Foreign General Insurance group set up operations in Dubai strength and preserving its current ratings will continue to be an to expand our presence in the Middle East, Mediterranean and overriding priority. South Asia region. As part of this effort we also entered the Islamic Shariah-compliant market with the launch of a new Putting Strategies Into Action regional company, AIG Takaful, headquartered in Bahrain. The The theme of this year’s report, Putting Strategies Into Action, market for Shariah-compliant insurance and financial products is describes how we are transforming our formidable attributes into underserved and we believe that we can meet the needs of that specific strategies and positive business results. Last year, I empha- market better than any other company. sized priorities such as staying customer focused; continuing to •We announced key strategic investments in high-quality entities expand distribution and geographic reach; controlling costs; identi- like Kinder Morgan, London City Airport and P&O Ports North fying new business opportunities, acquisitions and strategic America. These investments demonstrate our determination to alliances; developing new products; and investing for growth. identify quality opportunities to build value and strength for our In 2006, we saw those priorities bear fruit.
Load more

Recommended publications
  • American International Group, Inc. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ¥ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2007 or n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 70 Pine Street, New York, New York 10270 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 770-7000 Former name, former address and former fiscal year, if changed since last report: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¥ No n Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non- accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ¥ Accelerated filer n Non-accelerated filer n Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    [Show full text]
  • Lehman Brothers: Reasons of Failure: (2007-2008) Ceos
    LEHMAN BROTHERS: Lehman was a global financial services firm. Lehman Brothers started in 1844 as a small grocery and dry goods store established by Henry Lehman. Later on they traded cotton, moved to New York and established New York Cotton Exchange. After this events Lehman continued on the road of success and before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA with 26000 employees, doing business in investment banking, equity and fixed-income sales and trading (especially U.S. Treasury securities), market research, investment management, private equity, and private banking. On September 15, 2008, the firm filed for bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. The filing marked the largest bankruptcy in U.S. history, which is a major cause of crisis. REASONS OF FAILURE: (2007-2008) There were many reasons behind the collapse of Lahman brothers but the main cause was technical issues and corporate governance failures. Lehman Brothers had very weak corporate governance arrangements. The main areas of weakness were board of directors, corporate risk management, remuneration scheme and nomination committees. As the crisis started in August 2007 with the failure of two funds Lehman’s stock fell sharply. During that month company eliminated 2,500 jobs and shut down its BNC unit. It also closed offices in three states. Lehman’s collapse was a seminal event that greatly intensified the 2008 crisis and contributed to the erosion of close to ten trillion in market capitalization from global equity markets in October 2008, the biggest monthly decline on record at the time.
    [Show full text]
  • PX-360: 1/9/2004: American International Group, Inc. Form 10-Q
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2004 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 70 Pine Street, New York, New York 10270 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 770-7000 Former name, former address and former fiscal year, if changed since last report: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ü No Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of September 30, 2004: 2,604,570,819. Table of Contents American International Group, Inc.
    [Show full text]
  • Barclays PLC Rights Issue Prospectus
    THIS PROSPECTUS AND ANY ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek immediately your own personal financial advice from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser, who is authorised under the Financial Services and Markets Act 2000 (the “FSMA”) if you are in the UK or, if not, from another appropriately authorised independent financial adviser. If you sell or have sold or otherwise transferred all of your Existing Ordinary Shares (other than ex-rights) held in certificated form before 18 September 2013 (the “Ex-Rights Date”) please send this Prospectus, together with any Provisional Allotment Letter, duly renounced, if and when received, at once to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee except that such documents should not be sent to any jurisdiction where to do so might constitute a violation of local securities laws or regulations. If you sell or have sold or otherwise transferred all or some of your Existing Ordinary Shares (other than ex-rights) held in uncertificated form before the Ex-Rights Date, a claim transaction will automatically be generated by Euroclear UK which, on settlement, will transfer the appropriate number of Nil Paid Rights to the purchaser or transferee. If you sell or have sold or otherwise transferred only part of your holding of Existing Ordinary Shares (other than ex-rights) held in certificated form before the Ex-Rights Date, you should refer to the instruction regarding split applications in Part II “Terms and Conditions of the Rights Issue” of this Prospectus and in the Provisional Allotment Letter, if and when received.
    [Show full text]
  • PX-352: 8/8/2002: American International Group, Inc. Form 10-Q
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to For Quarter Ended June 30, 2002 Commission File Number 1-8787 AMERICAN INTERNATIONAL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 70 Pine Street, New York, New York 10270 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (212) 770-7000 NONE Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [ X ] NO [ ] Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of June 30, 2002: 2,610,692,135. TABLE OF CONTENTS CONSOLIDATED BALANCE SHEET CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME NOTES TO FINANCIAL STATEMENTS Management’s Discussion and Analysis of Financial Condition and Results of Operations PART II -- OTHER INFORMATION SIGNATURES EXHIBIT INDEX EX-12: STATEMENT RE.
    [Show full text]
  • 2007-Annual-Report.Pdf
    Annual Report AMERICAN INTERNATIONAL GROUP, INC. ABOUT AIG American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization, with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. CONTENTS Financial Highlights 1 Letter to Shareholders 2 AIG: What We See 11 AIG at a Glance 24 Review of Operations 26 Reconciliation in Accordance with Regulation G 42 Five Year Summary of Consolidated Operations 43 Five Year Summary of Selected Financial Information 44 Supplemental Financial Information 46 Board of Directors 50 Corporate Directory 51 Annual Report on Form 10-K Inside Shareholder Information Back Cover ABOUT THE COVER AIG headquarters at 70 Pine Street is an Art Deco landmark and the tallest skyscraper in Lower Manhattan. In 1976, AIG purchased the 66-story building, which is crowned with a glass-enclosed observatory that offers a panoramic view of New York City and its surroundings. Today, it is an icon of AIG’s global stature in the insurance and financial services businesses. FINANCIAL HIGHLIGHTS (in millions, except per share data and ratios) 2007
    [Show full text]
  • US Private Equity Opportunities Beirut, December 2Nd, 2013 BLOM-Quilvest Agenda
    BLOM-Quilvest US Private Equity Opportunities Beirut, December 2nd, 2013 BLOM-Quilvest Agenda • Who is Quilvest? • What is Private Equity? • What is BLOM-Quilvest US Private Equity Opportunities? BLOM-Quilvest – Beirut, December 2nd, 2013 - 2 - BLOM-Quilvest Who is Quilvest? Quilvest is a global wealth manager and a global Organization private equity and real estate investor with more than $25 Billion under management. Quilvest Quilvest Wealth Management Quilvest Consulting Quilvest & Partners Quilvest Quilvest Banque Compagnie de Banque Private Equity Real Estate Switzerland Privée Privée Quilvest $20B of AuM $5B of AuM BLOM-Quilvest – Beirut, December 2nd, 2013 - 3 - BLOM-Quilvest Who is Quilvest? Quilvest Group has grown its assets under management Group AuM by close to 7x since 2002 (or a 19% CAGR), reaching $25B. Quilvest Group AuM, $B $25.0B $3.6B 2002 Current BLOM-Quilvest – Beirut, December 2nd, 2013 - 4 - BLOM-Quilvest Who is Quilvest? Global presence was reinforced with recent office openings Global Footprint in Europe, Asia and LatAm. Paris London Created in 1917 Created in 2007 14 specialists in Private Equity and Real Estate 4 specialists in Private 96 specialists in Private Banking and Corporate Finance Equity Luxembourg (x2) Created in 1938 Quilvest SA listed in Luxembourg CBP based in Luxembourg 100+ specialists in Private Banking and New York Administration Created in 1950 Geneva Zurich 19 specialists in Private Opened in 2012 Created in 1932 Equity and Real Estate 75 specialists in Multi Family Office 2 specialists in
    [Show full text]
  • 08 GT-ACG WP:Layout 1.Qxd
    Top trends in middle-market private equity About the author Contents Harris Smith Managing Partner, Private Equity and Strategic Relationships 1 Executive summary Harris Smith is a Certified Public Accountant and the managing 3 The impact of the credit crunch partner of Private Equity and Strategic Relationships for Grant Thornton LLP. In 1976 Smith started his career in the 7 The explosion of cross-border M&A activity Baltimore office of Grant Thornton. In 1986, he was promoted to partner and in 1989 he relocated to the Southern California office 11 The proliferation of operational partners to head up the Assurance practice. In 1998, Smith was promoted to office managing partner of the Greater Bay Area offices, and in 13 The emergence of sovereign wealth funds 2003 he became the West Region managing partner. In 2008 he became the managing partner of Private Equity and Strategic 16 The middle-market compensation squeeze Relationships. 18 Three hot sectors for investment In his current role, Smith is responsible for the development and enhancement of strategic relationships for the firm and at the 21 The natural evolution of the private equity firm same time, overseeing the services provided to private equity clients. This dual role provides Smith the opportunity to further 23 Conclusion elevate the firm’s reputation and to create relationships with key influencers to deal with challenges in the marketplace and to enhance our brand. With over 30 years of experience, Smith is a member of the firm’s National Leadership Team and the sponsor of Grant Thornton’s Women’s Initiative.
    [Show full text]
  • 2009 Annual Report American International Group, Inc
    American International Group, Inc. 2009 Annual Report American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve com- mercial, 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 around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. Chairman’s Johnson, George Miles, and Morris Offi t, Message represents a collective vote of confi dence in the company, its many talented people, Harvey Golub and its strategy going forward, and a Non-Executive personal willingness to deal with one of Chairman of the Board the most complicated restructurings in business history. They have been working extraordinarily hard and will continue to do so under very challenging conditions. I thank them all for their support. During the year, Stephen Bollenbach, n behalf of AIG’s Board of Martin Feldstein, James Orr, Virginia Directors, I am pleased to be Rometty, Michael Sutton, Edmund Tse, able to report to you that and Ed Liddy retired after a period of O the company and the Board have time spent dealing with the liquidity crisis made substantial progress over the past and the initial work on the government year in addressing and resolving a number bailout. We thank them for their service. of the critical issues facing the company. Most notably, in 2008, Ed Liddy joined the In addition to the positive developments company as Chairman and Chief Execu- concerning AIG that Bob Benmosche tive Offi cer as a public service and did so discusses in his letter, including reorganiz- at the behest of the U.S.
    [Show full text]
  • American International Group, Inc
    SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from to Commission file number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 70 Pine Street, New York, New York 10270 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (212) 770-7000 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Common Stock, Par Value $2.50 Per Share New York Stock Exchange, Inc. Securities registered pursuant to Section 12(g) of the Act: Title of each class None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
    [Show full text]
  • AIG Annual Report (2020)
    American International Group, Inc. 2020 Annual Report Executive Chair of the Board AIG’s focus Letter to Shareholders will continue to be centered stakeholders – and each other – even on value as their own lives and work situations were significantly disrupted. creation for our AIG’s 2020 financial results and shareholders, progress on strategic initiatives demonstrated the considerable clients and changes we have made across the organization since late 2017. Today, distribution we are a significantly de-risked company with a stronger balance partners, sheet, fortified reinsurance programs, enhanced underwriting capabilities, colleagues, and and a diverse platform of products and services. This substantial communities. progress allowed us to announce our intention to separate the Life and Brian Duperreault Executive Chair of the Board Retirement business from AIG. American International Group, Inc. In 2020, we also announced Your trust and confidence in AIG leadership transitions, with Peter are well placed. Zaffino taking on the role of Chief Dear AIG Shareholder: Executive Officer and me becoming Sincerely, Executive Chair. Peter and I For AIG, 2020 was a year to remember seamlessly transitioned into these because of our improving financial new roles on March 1, 2021. performance and the substantial Doug Steenland has become advancements we made to become a Lead Independent Director of the top-performing company and leading AIG Board. insurance franchise. It was also a Brian Duperreault year to never forget because of the As Executive Chair, I look forward to Executive Chair of the Board pandemic that brought economies supporting Peter as we continue our American International Group, Inc. to a standstill, and the unfortunate journey toward industry leadership.
    [Show full text]
  • Case 1:09-Cv-01656-RMC Document 54 Filed 11/22/10 Page 1 of 2
    Case 1:09-cv-01656-RMC Document 54 Filed 11/22/10 Page 1 of 2 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA DEUTSCHE BANK NATIONAL TRUST COMPANY, Plaintiff, v. Case No. 09-CV-1656-RMC FEDERAL DEPOSIT INSURANCE CORPORATION (as receiver of Hon. Rosemary M. Collyer WASHINGTON MUTUAL BANK); JPMORGAN CHASE BANK, National Association; and WASHINGTON MUTUAL MORTGAGE SECURITIES CORPORATION, Defendants. FDIC RECEIVER’S MOTION TO DISMISS Defendant Federal Deposit Insurance Corporation, in its capacity as Receiver for Washington Mutual Bank (“FDIC Receiver”), by its undersigned counsel, hereby moves this Court, pursuant to Rules 12(b)(1) and 12(b)(6) of the Federal Rules of Civil Procedure, for an order dismissing with prejudice all claims asserted against FDIC Receiver in the above-captioned action. Support for this motion is set forth in the accompanying Memorandum of Points and Authorities in Support of FDIC Receiver’s Motion to Dismiss, and in the Declaration of Jason S. Cohen and the exhibits thereto. A proposed order is attached hereto. Case 1:09-cv-01656-RMC Document 54 Filed 11/22/10 Page 2 of 2 Dated: November 22, 2010 Respectfully submitted, Of Counsel: /s/ William R. Stein William R. Stein, D.C. Bar No. 304048 Kathryn R. Norcross, D.C. Bar No. 398120 Scott H. Christensen, D.C. Bar No. 476439 Senior Counsel, Commercial Litigation Unit Jason S. Cohen, D.C. Bar No. 501834 Anne M. Devens HUGHES HUBBARD & REED LLP Counsel, Commercial Litigation Unit 1775 I Street, N.W., Suite 600 Kaye A. Allison Washington, D.C. 20006-2401 Counsel,
    [Show full text]