What happened to American General Life Insurance Company?

American General Life Insurance Company was established in 1960. As American General expanded its national presence and added new financial products and services over the years, the company was acquired by American International Group (AIG) in 2001.

Is American General Life insurance a real company?

AIG is one of the biggest insurers in the world, serving millions of customers in more than 80 countries. AIG offers term, whole and universal life insurance to individuals. The company also offers a range of insurance and investment products to businesses.

Does American General still exist?

AIG has been recognized as one of the 50 most community-minded companies in the U.S. by Points of Light.

Who took over American General Life in insurance?

2001. AIG acquires American General Corporation, a leading life insurer.

How do I cash out my AIG life insurance policy?

You do have to pay back the money with interest, though, in order to maintain the full death benefit of your policy. Surrender the policy for its current value. You have the option, with cash value, to surrender your policy and withdraw the total cash value of your policy.

What was the AIG scandal?

The most prominent scam in the recent history of American economy was the AIG Accounting Scandal of 2005. The AIG was found guilty of entering into sham transactions in order to inflate the reserves and to conceal losses. It was also found guilty of misled the Insurance Department about offshore affiliates of AIG.

Is Western national part of AIG?

American International Group (AIG) owns American General Life. So Western National Life is now part of American General, and American General is owned by American International Group.

Who bought Western National Life Insurance company?

HOUSTON (AP) _ Life insurer American General Corp. announced Friday that it plans to add another insurance company to its fold by acquiring Western National Corp. in a $1.2 billion deal. American General, which already owns 45 percent of Western National, said it would buy the remaining 55 percent for $29.75 a share.

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