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.
“The AIG name represents strong values, hard work, and keeping our promises. AIG Life and Retirement continues to embody those values,” said AIG Life and Retirement President and Chief Executive Officer Jay Wintrob.
He added that, “Our promise to ‘Bring on tomorrow’ fits well with our role as a premier provider of protection, investment, and income solutions that prepare our customers for a successful future.”
In an announcement this weekend, AIG president and CEO Robert H. Benmosche said, “AIG as a global insurance brand is back.”
He said that the re-launch of the AIG name marks a significant achievement for our company.
“’Bring on tomorrow’ underscores AIG’s tremendous tenacity and ambition – to solve problems, to innovate for the benefit of our clients, and to act as a powerful, global team,” Benmosche said.
“These are the attributes that have enabled AIG to succeed in making America whole on its investment in our company, plus a positive return of more than $15 billion,” Benmosche said.
“Now we look to tomorrow, and we’re excited about the potential we see there. We’re excited to get to work on seeing, building, and securing a better future – for our customers, for ourselves, and for communities around the world,” he said.
“I believe that the spirit of inventiveness and adaptability at the core of AIG will bring opportunities and open doors that will redefine what’s possible, helping our customers thrive and make the most of every day,” Benmosche said.