American International Group
Los Angeles-based annuity marketer SunAmerica on Thursday agreed to a $16.5-billion buyout by insurance powerhouse American International Group, a deal that some analysts say could achieve something accomplished by surprisingly few mergers: the uniting of two companies whose businesses actually complement each other.

Is Sun America part of AIG?

American General Insurance Company (now AIG) was founded in Texas in 1926 and has grown primarily through acquisitions. SunAmerica Inc. began its financial service operations 1971 with the acquisition of Sun Life Insurance Company of America, which had been formed in 1890. …

How many companies does AIG own?

AIG owns more than two dozen companies licensed to offer insurance in California, according to the California Insurance Commissioner.

Are AIG and US life the same company?

United States Life Insurance Company of New York is part of American International Group (AIG), a multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. US Life is the company responsible for issuing polices to individuals residing in the state of New York.

When did AIG buy SunAmerica?

August 20, 1998
On August 20, 1998, American International Group, Inc. (“AIG”) and SunAmerica Inc. (“SunAmerica”) announced that they have entered into a definitive agreement whereby AIG will acquire 100 percent of the outstanding common stock of SunAmerica.

Is AIG a good annuity company?

Overall Rating: 4 / 5 (Very good) AIG is currently a financially stable company with good ratings for its customer service and variety of annuities. We recommend that consumers contact their local agent or advisor to learn of the specific annuity products available in their region.

When did SunAmerica life insurance company go into business?

Sunamerica has been in business since 1890. When it first started out Sunamerica was called Sun Life of America. In 1971, Sun Life was bought out by Broad Inc., now known as AIG Retirement Services.

When did Sun Life become an annuity company?

In 1983, Sun Life inaugurated an annuity marketing division, as the company began to shift its emphasis toward retirement savings plans. “We don’t want hot annuity money that can get in and go out as rates go up or down,” Broad told Forbes, explaining the company’s new direction.

When did SunLife merge with AIG to become SunAmerica?

For eight years, starting in 1990, Sunlife was the best performing stock in the New York Stock Exchange and afterwards they merged with AIG in 1998. Sunamerica now provides 500,000 people with services and financial products that seek to create economically secure retirement. Sunamerica focuses on meeting the retirement needs of their customers.

Who was the first person to start SunAmerica?

This company started on the path that led to the formation of SunAmerica on November 19, 1971, when it was purchased by the Kaufman and Broad Building Company. Kaufman and Broad had been started in 1957 by Eli Broad, who joined with Detroit-area builder Donald Kaufman to form a housing construction firm.