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 sells life and retirement products under brands including 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.
In 2012 parent AIG simplified its operating structure by merging six companies that formerly made up 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.
In further restructuring measures, AIG 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). In New York, it operates through United States Life Insurance of New York.
As the economy improves, 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.
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