A-ten-schun! American General Life Insurance is still among the top brass of US life insurance and financial services firms. It anchors the domestic life insurance operations of American International Group, under the AIG Life and Retirement umbrella. Serving some 13 million policyholders, American General Life offers clients a variety of products to build their nest eggs, including fixed and deferred annuities. Life insurance offerings include individual and institutional policies. Other products include accident and supplemental health insurance, income protection, and retirement planning programs.
American General Life Insurance serves customers nationwide, expect in New York. United States Life Insurance of New York caters to New Yorkers.
American General Life Insurance sells life and retirement products under numerous brand names, such as American General Life Companies, AGLA, SunAmerica, and Western National. The American General Life operations are overseen by SunAmerica Financial Group, which operates as AIG Life and Retirement.
Parent AIG simplified its operating structure in 2012 by merging six companies that formerly comprised the American General Life Companies group -- American General Life Insurance of Delaware, American General Assurance, American General Life and Accident Insurance, SunAmerica Annuity and Life Assurance, SunAmerica Life Insurance, and Western National Life Insurance -- into American General Life Insurance. One of the group members, United States Life Insurance of New York, survived the restructuring and serves as the underwriter of policies marketed in New York.
AIG also took the former workplace group benefit operations from American General Life (as well as its US property/casualty division) and placed them into a new division, AIG Benefit Solutions. American General Life continues to offer institutional annuity and corporate-owned life insurance products.
Sales and Marketing
American General Life distributes its products and services through branch offices, independent agents, and third parties (banks, accountants, financial planners).
American General Life has set in its sights on the 30% of American households that have no life insurance or disability insurance. It will start by seeking to nudge up the sales of its voluntary employee benefits products.
The company is also rolling out new products, such as its Accelerated Access Solutions, a rider that debuted in 2013 that allows customers access to life insurance death benefits while living. Additionally, the company launched Lifestyle Income Solutions for AG Secure Lifetime GUL Policies.
American General Life Insurance helped to contribute 17% of AIG's sales through the parent company's Life & Retirement segment.