AIG

AIG's general account investments are overseen by the Chief Investment Officer, who reports to the CEO. The investment team allocates across asset classes and selects external managers for alternative strategies. Peter Zaffino, Chairman and CEO, sets the strategic risk appetite and capital allocation framework for the consolidated enterprise.

The general account is managed to match the duration and liquidity profile of policyholder liabilities, primarily through fixed income. A smaller sleeve seeks additional yield via private equity, hedge funds, real estate, and private credit. The separation of Corebridge Financial removed much of the firm's legacy spread-based life insurance liability block.

Corebridge Financial is the former life and retirement division of AIG, spun out via IPO in 2022 and now an independent public company. AIG initially held a controlling stake, which it has been reducing — in May 2024, it sold a 21.6% block to Japan's Nippon Life Insurance Company, leaving AIG as a minority shareholder. The separation represents the final major step in AIG's post-crisis restructuring.

AIG invests through a combination of direct ownership and third-party fund commitments. Its real estate portfolio includes directly held properties such as a 12-building apartment portfolio in New Jersey, Pennsylvania, and Delaware, and affordable housing assets across the US. Private equity and hedge fund exposure is primarily accessed via external managers through the general account.

AIG is domiciled in the United States with corporate headquarters in New York and maintains a major international hub in London. It operates in approximately 70 countries through property-casualty underwriting, with the largest premiums from North America, Europe, and Asia-Pacific markets.

The AIG Foundation, a separate philanthropic entity, supports arts and cultural institutions. The AIG Museum Membership Program provides funding to 20 cultural organizations. The firm also operates a Private Client Group specializing in fine art insurance and risk advisory for collectors and museums.

The 2008 crisis — triggered by credit-default swaps written by AIG Financial Products — resulted in a $182 billion government bailout and forced the sale of dozens of subsidiaries. The post-crisis firm is dramatically smaller, prohibited from proprietary derivatives trading, and subject to heightened regulatory scrutiny as a systemically important financial institution. The investment portfolio today is built around predictable, regulated insurance liabilities and carries none of the structured credit exposure that caused the original failure.