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American International Group (AIG) SWOT & PESTLE Analysis

ID : 52751753| Sep 2020| 18 pages

COMPANY PROFILE -American International Group (AIG)

Business Sector :Insurance

Operating Geography :United States, North America, Global

About American International Group (AIG) :

American International Group Inc. also known as AIG, is an American multinational global insurance company with operations in more than 80 countries and jurisdictions. The company provides a range of insurance products to support their clients in business and in life, primarily, general property/casualty, retirement and financial services through their General Insurance, Life and Retirement programs. AIG is headquartered in New York and it employs 46000 people internationally as of 2020. The company was founded in 1919 by Cornelius Vander Starr. AIG traces its roots back to American Asiatic Underwriters (AAU), an insurance agency established by Cornelius in Shanghai. By the late 1920’s, AAU had branched out in various countries across the world. The company went public in 1968 and re-established itself as the American International Group, Inc. It was incorporated as a unifying organization between C.V. Starr’s general and life insurance businesses. The company offers its services to over 90 million commercial, institutional and individual customers globally with notable firms such as Best Buy, HP and Nortek among others being some of their prime consumers. AIG’s Individual Retirement business was the recipient of DALBAR Communications Seal of Excellence 2019. AIG was also awarded its Annuity Service Award for the 12th consecutive year.
American International Group’s unique selling proposition or USP lies in being one of the world’s largest insurance firms and one of the world’s leading insurance organizations. Its mission statement reads, “Reducing fear of the future and empowering our clients through our risk expertise and financial strength.”

American International Group (AIG) Revenue :


U.S $ 49.75 billion – FY ended 31st December 2019 (y-o-y growth of 4.97%)
U.S $ 47.39 billion – FY ended 31st December 2018

Competitive Analysis of American International Group (AIG)

SWOT
PESTLE
The SWOT analysis for American International Group (AIG) is presented below in a table followed by the detailed analysis report.
Strengths
Weaknesses
1. Strong brand name and presence in global market.
2. Strong capital and equity market performance.
3. Leading the insurance franchise
4. Offers diverse products and services through an excellent distribution network
5. Optimizing results through reducing risk and volatility through reinsurance
1. Outsourced businesses run on DOS which makes customers unhappy with long wait times
2. American International Group having a history of scams collapse
Opportunities
Threats
1. Modernize and digitize operational infrastructure across all segments and departments
2. Dive into expanding portfolio for individuals with emerging markets
3. Extending cyber insurance for all and across geographies can be a game changer
1. Economic slowdown followed by pandemic has disrupted the insurance sector
2. Volatile interest rates to impact income and profit
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Detailed SWOT Analysis of American International Group (AIG)

Strength

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Weakness

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Opportunity

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Threats

1. Economic slowdown followed by pandemic has disrupted the insurance sector: COVID-19 has spread at an alarming rate infecting all the countries and bringing trade, businesses, investments and other economic activities to a standstill. This pandemic is expected to impact most countries with worst recessions and char per capita income to the lowest since 1870. If the situation persists for a longer duration there would be prolonged disruption in economy leading to deeper recessions. Global market coming to an economic stand still poses a threat and results in poor finances, lower customer turnout, increasing input cost and moreover it brings volatility in oil prices and natural gas prices.

2. Volatile interest rates to impact income and profit: Interest rate is highly volatile and with real time market and economic changes, the insurance sector is highly impacted. Interest rate is the most important factor for an insurance company to earn profit and they are deeply inter-linked. Increasing interest rates have always favored insurance companies. The declining interest rate in the year 2019 has dragged the insurance market to historical lows. Lower interest rates brings in less sales of interest related products and services. It also impacts existing business operations as the insurance sector reinvests cash from investments. Similarly, lower interest rates have negative impact on annuities. It has also exerted pricing pressures on new businesses and existing products.

Major Competitors :

  • United Healthcare Group
  • MetLife
  • Western & Southern Financial Group
  • Berkshire Hathaway
  • Progressive
  • Allstate
  • Aetna
  • Anthem

Major Brands :

  • American General Life Insurance Company
  • American Home Assurance Company
  • Lexington Insurance Company
  • American International Group UK
  • AIG General Insurance Co. Ltd.
  • Tata AIG
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in American International Group (AIG) Analysis Report

1. American International Group, Inc.2019 Annual Report - https://www.aig.com/content/dam/aig/america-canada/us/documents/investor-relations/2020/aig-2019-annual-report.pdf
2. Blackboard Insurance FOR CLAIMS, POLICY SERVICE AND GENERAL INFORMATION - https://www.aig.com/blackboardinsurance
3. How Millennials Are Changing The Future Of Investment - forbes.com/sites/forbesfinancecouncil/2019/04/02/how- millennials-are-changing-the-future-of-investment/#56601f9042fe
4. THE MILLENNIAL INVESTOR BECOMES A FORCE - https://www.accenture.com/_acnmedia/PDF-68/Accenture-Millennials-and-Money-Millennial-Next-Era-Wealth-Management.pdf
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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American International Group (AIG) SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). American International Group (AIG) SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/american-international-group/ [Accessed 05 Dec, 2020].

In-text: (SWOT & PESTLE.com, 2020)

Copyrights and Disclaimer

American International Group (AIG) SWOT and PESTLE analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.

Copyright of American International Group SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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American International Group (AIG) SWOT & PESTLE Analysis
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