AIG

NEW YORK -- Nov. 6, 2009 -- American International Group, Inc. (AIG) today reported a profit in the third quarter of 2009, as certain of its businesses continue to stabilize and the company’s results reflected positive market valuation changes.

For the third quarter ended September 30, 2009, AIG reported net income attributable to AIG of $455 million, including net income attributable to AIG common shareholders of $92 million, or $0.68 per diluted common share, compared with a net loss of $24.5 billion or $181.02 per diluted share in the third quarter of 2008. Third quarter 2009 adjusted net income was $1.9 billion, compared with an adjusted net loss of $9.2 billion in the third quarter of 2008.    » read more »

October 15, 2009 -- WARWICK, RI - Congressman Jim Langevin (D-RI) today expressed outrage over news of more massive bonuses to Wall Street executives, including $198 million to be distributed by AIG next March and indications that Goldman Sachs is on track to provide a record payout to its executives by the end of 2009.    » read more »

NEW YORK -- Oct. 12, 2009 -- American International Group, Inc. (AIG) today announced an agreement to sell its 97.57% share of Nan Shan Life Insurance Company, Ltd. (Nan Shan) to a consortium comprising Primus Financial Holdings Limited, the Hong Kong-based financial services firm, and China Strategic Holdings Limited, the Hong Kong Stock Exchange-listed investment company, for approximately US$2.15 billion.

“We are pleased to have found a buyer who shares our confidence in Nan Shan’s bright future, and who has pledged to continue Nan Shan’s commitment to its policyholders, agents, and employees, as well as to the people of Taiwan,” said Robert Benmosche, AIG Chief Executive Officer.    » read more »

NEW YORK--Oct. 1, 2009-- In response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay, AIG provides the following facts:

The U.S. government has provided support to AIG in several forms: direct equity investments in AIG, loans to AIG, the extension to AIG of a mostly untapped equity capital facility, access to a commercial paper funding facility1 and loans to special purpose entities formed by the Federal Reserve Bank of New York (FRBNY). The loans to these special purpose entities are to be repaid by those entities, and not by AIG, from the proceeds of the assets owned by those entities.

The Breakdown:

LOANS TO AIG, INCLUDING INTEREST AND FEES: $38.8 billion    » read more »

AIG Extends Until June 24, 2009 Exchange Offers For Its 8.175% Series A-6 Junior Subordinated Debentures And Its 8.250% Notes Due 2018

NEW YORK -- Jun. 17, 2009 -- American International Group, Inc. (AIG) announced today that it has extended until June 24, 2009:

* its offer to exchange up to $4.0 billion principal amount of its 8.175% Series A-6 Junior Subordinated Debentures which have been registered under the Securities Act of 1933 (“New Junior Subordinated Debentures”) for all of its outstanding unregistered 8.175% Series A-6 Junior Subordinated Debentures (“Old Junior Subordinated Debentures”), and    » read more »

NEW YORK -- Jun. 10, 2009 -- American International Group, Inc. (AIG) announced today that it has closed the previously announced public offering of 29.9 million shares of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG and its indirect subsidiary, American Home Assurance Company (AHAC) for aggregate gross proceeds of $1.136 billion. TRH will not receive any of the proceeds from the secondary offering.

This transaction enabled AHAC, a subsidiary of AIU Holdings, Inc. (together with AIU Holdings LLC, “AIU Holdings”), to monetize part of its investment in TRH to improve the quality of its capital and help position AIU Holdings for continued success.    » read more »

NEW YORK--Jun. 8, 2009-- American International Group, Inc. (AIG) announced today that the underwriters of the previously announced public offering of 26 million shares of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG and its subsidiary, American Home Assurance Company (AHAC), have exercised their option to purchase an additional 3.9 million shares.

As a result, AIG and AHAC will sell a total of 29.9 million shares for aggregate gross proceeds of $1.136 billion. TRH will not receive any of the proceeds from the secondary offering.    » read more »

NEW YORK--Jun. 4, 2009-- American International Group, Inc. (AIG) announced today that an underwritten public offering of 26 million shares of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG and its subsidiary, American Home Assurance Company (AHAC), was priced at a public offering price of $38.00 per share. The underwriters will have a 30-day option to purchase up to an additional 3.9 million shares of TRH common stock from AHAC. TRH will not sell any shares in the offering.

J.P. Morgan Securities Inc., Goldman, Sachs & Co., and Morgan Stanley & Co. Incorporated are joint book-running managers with Lazard Capital Markets LLC as co-lead underwriter. Dowling & Partners and Fox-Pitt Kelton Cochran Caronia Waller are acting as co-managers of the offering.    » read more »

NEW YORK--Jun. 2, 2009-- American International Group, Inc. (AIG) today announced that it has entered into an agreement to sell 100 percent of its shares in its consumer finance operations in Argentina, consisting of Compañía Financiera Argentina S.A. (CFA), Cobranzas y Servicios S.A. and AIG Universal Processing Center S.A., to Banco de Galicia y Buenos Aires S.A. and an investment group arranged by Grupo Pegasus. Financial terms of the transaction were not disclosed.

The transaction is subject to the satisfaction of certain conditions, including approvals by the Argentine Central Bank and the Argentine National Commission for the Defense of Competition.    » read more »

NEW YORK -- May 28, 2009 -- American International Group, Inc. (AIG) announced today that it has completed the sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Company.

Under the terms of the agreement, Nippon Life Insurance Company paid approximately $1.2 billion in cash (¥115,500mm) for the entire building and the approximately one acre of land on which it is situated.    » read more »

NEW YORK -- May 28, 2009 -- American International Group, Inc. (AIG) announced that Transatlantic Holdings, Inc. (NYSE: TRH) has filed a preliminary prospectus supplement with the U.S. Securities and Exchange Commission with respect to the proposed public offering of 26 million shares of TRH common stock owned by AIG and its subsidiaries in an underwritten offering.

The underwriters will have a 30-day option to purchase up to an additional 15 percent of the offered amount of TRH common stock from AIG and its subsidiaries. TRH will not sell any shares in the offering.    » read more »

NEW YORK--May. 21, 2009-- American International Group, Inc. (AIG) announced today that Chairman and Chief Executive Officer Edward M. Liddy has informed the Board of Directors of his intention to step down once the Board successfully concludes a search for replacements for these roles.

Mr. Liddy has recommended to the Board that the Chairman and CEO roles be separated. Earlier this week, the company announced the nomination of six new directors to stand for election at the company’s annual shareholder meeting on June 30, 2009. This slate will reconfigure the Board so that a majority of its members will be newly elected independent directors.    » read more »

Washington, D.C., May 19, 2009 — The Securities and Exchange Commission today announced that a federal court has approved the distribution of more than $843 million to harmed investors in the American International Group, Inc. from a Fair Fund that the SEC established after the company’s settlement of an SEC enforcement action for accounting fraud.

The AIG Fair Fund’s court-appointed distribution agent estimates that checks will be mailed to more than 257,000 affected AIG investors within the next few months.    » read more »

HONG KONG--May. 17, 2009-- American International Group, Inc. (AIG) today announced it will accelerate steps to position American International Assurance Company, Ltd. (AIA Group) as an independent entity and seek a public listing on an Asian stock exchange for the AIA Group, depending on market conditions and subject to regulatory approval.

This public listing of the AIA Group is a significant step in the process that was announced by AIG on March 2 and will result in a board of directors and management team for the AIA Group separate from AIG.    » read more »

NEW YORK--May. 11, 2009-- American International Group, Inc. (AIG) announced today an agreement to sell its prime real estate holding in Tokyo for approximately $1.2 billion in cash (¥115,500mm) to Nippon Life Insurance Company. The property consists of approximately one acre of land on which The AIG Otemachi Building in Tokyo is situated.

The property’s Marunouchi 1 chome address is one of the most coveted in central Tokyo's downtown business district. Marunouchi, Tokyo’s business center, is the highest rent district in Japan with demand for Class A space typically exceeding supply. AIG’s property is unique within the district because of its location next to and overlooking the inner moat of the Imperial Palace.    » read more »