Is American General the Same as AIG?

American General and AIG are closely connected insurance companies, but they are not exactly the same entity. American General Life Insurance Company is a subsidiary of AIG, and many of American General’s key insurance brands are owned by AIG. However, American General operates as its own insurance company with its own products and services.

The Relationship Between American General and AIG

• American General Life Insurance Company (AGL) is a wholly-owned subsidiary of AGC Life Insurance Company.

• AGC Life Insurance Company is an indirect, wholly-owned subsidiary of American International Group, Inc. (AIG).

• AIG owns American General but they operate as separate insurance companies.

• American General offers life insurance, annuities, and retirement products.

• AIG provides insurance globally across property-casualty, life and retirement, and general insurance.

• AIG is the parent company.

• American General is a subsidiary of AIG.

• AGL operates its own insurance business under the American General brand.

• AIG owns other insurance companies in addition to American General.

History of American General

• American General Life Insurance Company was founded in 1960.

• It was originally called Knights Life Insurance Company when founded in Delaware.

• The name changed to American General Life Insurance Company of Delaware in 1962.

• In 1991, American General merged with two other insurance companies.

• American General re-domesticated to Texas in the merger.

• In 2012, seven AIG life insurance subsidiaries merged into American General.

American General’s Insurance Products

• Life insurance

  • Term life

  • Universal life

  • Whole life

• Annuities

  • Fixed

  • Variable

  • Indexed

• Retirement plans like 401(k)s

• Private placement life insurance and annuities

• Structured settlements

• Corporate owned life insurance

American General’s Distribution Channels

• Independent insurance agents

• Banks

• Broker-dealers

• Financial advisors

• Direct to consumer

• Affinity groups

Major American General Brands Owned by AIG

AIG owns several major insurance brands under American General:

1. VALIC

• Founded in 1955 in Texas

• Sells employer-sponsored retirement plans

• Provides plans for 2+ million public sector employees

• Acquired by American General Corporation in 1967

2. AIG Life and Retirement

• Originally founded as SunAmerica Life Insurance Company

• AIG rebranded it to AIG Life and Retirement in 2012

• Known for annuities before acquisition by AIG

3. American General Life

• American General’s core life insurance brand

• Sells term, universal, and whole life insurance

• Focuses on middle-income and wealthy customers

4. The United States Life Insurance Company

• Issues life insurance and annuities

• Founded in 1850 in New York City

• Acquired by American General in 1997

5. Western National Life Insurance Company

• Sells life insurance, annuities, and investments

• Founded in 1909 in Texas

• Became part of American General in 2012

AIG’s Other Major Insurance Companies

In addition to owning American General, AIG has several other major insurance subsidiaries:

• AIG Property Casualty: Commercial P&C insurance

• AIG Re: Reinsurance services

• AIG Specialty Insurance: Excess casualty insurance

• AIG General Insurance: Insurance outside the U.S.

• AIG Life Limited: Life insurance outside the U.S.

So American General is one of AIG’s core insurance brands, focused primarily on life and retirement products. But AIG operates many other insurance companies globally across different product lines.

Financial Performance of AIG and American General

• For 2018, AIG reported:

  • Total revenue of $47.4 billion

  • Net income of $5.2 billion

• American General is a major contributor to AIG’s earnings.

• But as a subsidiary, AGL’s financials are not separately reported.

• AIG operating segments include:

  • General insurance (includes American General)

  • Life and retirement (includes American General)

• So American General’s business is included within the results of AIG’s business segments.

Is there a Difference Between AIG and American General Insurance?

The main differences between AIG and American General are:

• Company structure: AIG is the parent company. American General is an AIG subsidiary.

• Product focus: American General focuses on life and retirement insurance. AIG offers all lines of insurance.

• Brand names: American General operates under its own brand and acquired brands like VALIC. AIG uses its corporate brand across segments.

• Financial reporting: AIG reports consolidated results. American General’s results are included within AIG segments.

So in essence:

• AIG owns and operates American General as a subsidiary.

• American General functions as its own insurance company.

• But it is supported by the larger brand, resources, and capital of AIG.

Is American General Part of AIG?

Yes, American General is part of AIG. Specifically:

• American General Life Insurance Company is a wholly-owned subsidiary of AIG.

• AGL conducts its insurance business as part of AIG’s broader organization.

• AIG provides the corporate oversight and financial support for American General.

• American General’s results roll up into AIG’s financial statements.

• AIG brands like VALIC and SunAmerica are owned by American General.

So American General operates as its own insurance company, but it is fully owned by AIG as the parent organization. AIG allows American General to function independently while providing guidance, resources, and financial backing.

Can You Have Insurance With Both AIG and American General?

Yes, it is possible to have insurance coverage with both AIG and American General since they are technically separate companies. For example:

• You could have a VALIC variable annuity from American General.

• And also have an AIG auto or homeowners insurance policy.

However, it’s important to note that the policies would be coming from related companies under the AIG corporate umbrella. The coverage would not actually be from two fully independent providers.

Are AIG and American General the Same Company?

AIG and American General are not exactly the same company. AIG is the parent organization that owns American General as a subsidiary. Some key differences:

• AIG is the overarching brand and company. American General operates as an AIG subsidiary.

• AIG offers all types of insurance. American General focuses specifically on life and retirement products.

• AIG has consolidated financials covering all subsidiaries. American General’s financial performance is not separately reported.

So while AIG owns American General, and they have closely aligned business interests, American General functions as a distinct insurance company within the broader AIG organizational structure.

The Bottom Line

American General Life Insurance Company conducts its insurance business as a subsidiary of AIG. American General offers life, annuity, and retirement products while AIG provides wider insurance coverage including property-casualty policies. AIG owns American General and several other major insurance brands that operate as subsidiaries. So AIG and American General are connected companies but not exactly the same entity. American General is the specialist life and retirement insurance arm of the larger AIG parent organization.