American International Group (AIG) has now completed the rebranding for its life and property and casualty segments.
Under the rebranding, AIG life products’ group will be known as AIG Life and Retirement.
And, as part of the rebrand, AIG has also introduced a new brand promise: “Bring on tomorrow.”
AIG changed the name of its primary operating subsidiaries after investments in non-core financial products prompted the need for the federal government to acquire 79.9 percent of its stock in 2008 in exchange for aid that at one point totaled $182 billion.
Government ownership has now been whittled down to 16 percent of the restructured company, and there is speculation is that the government will move by year-end to divest its remaining share, at this point at a profit.
Specifically, in its release, AIG officials said that the total authorized U.S. government assistance to AIG of $182 billion has been fully repaid, and the Federal Reserve and United States Department of the Treasury have to date received a combined positive return of approximately $15.9 billion on their investments in the company.
The life segment became known as SunAmerica Financial, while the property and casualty group became known as Chartis.
Some of the names used to sell life and health products, including VALIC, Lexington Insurance, American General, SunAmerica, and Western National, will continue unchanged, the company said.