About AIG Australia
About AIG
We’re the world’s leading insurance organisation, with more than 90 million customers around the globe. We’re leaders globally in property casualty insurance, life insurance, retirement products, mortgage insurance, and other financial services. But we’re more than the sum of our parts.
We’re a network of approximately 65,000 people in more than 100 countries and jurisdictions who come together every day to take on the world’s new challenges. We believe that by striving to provide the greatest value to our customers, we can deliver improved operating and financial performance and sustainable, profitable growth. Our strategy is focused on enhancing the value and competitive position of our insurance businesses and investing our capital where we can achieve attractive risk-adjusted returns, while maintaining strong levels of liquidity and capital.
Operating in Australia since 1957, we combine international experience with local expertise. Our worldwide perspective offers the benefits of global experience and anticipation of emerging risks while our local presence provides you with access to professionals who understand your unique market needs. We have offices, technical expertise and underwriting authority in Melbourne, Sydney, Perth and Brisbane.
Bring on tomorrow.
Click on one of the links below to find out more about AIG
Why AIG Infographic
Watch the Why AIG? video.
Expertise
Our global perspective offers the benefits of global experience and anticipation of emerging risks while our local presence provides you with access to experienced professionals who understand your unique insurance needs. As we help our customers seize opportunities around the globe, we draw strength, knowledge and powerful perspectives from the people, places and cultures that comprise our organisation.
Commitment
We are in the business of making promises and keeping them. This, together with quality products and superior service helps us develop efficient, honest, fair and transparent relationships. We work in partnership with our customers and our network of brokers and partners, building strong sustainable relationships to help our customers manage and mitigate the risks they face every day.
AIG traces its roots to 1919, when American Cornelius Vander Starr established a general insurance agency, American Asiatic Underwriters, in Shanghai, China. Since then, an enterprising spirit, ingenuity, and tenacity have built the company into one of the world’s leading insurers, with offices in over 100 countries. The first Australian office opened in Collins Street, Melbourne in 1957. Within just two years, a second office was established in Sydney.
Today, AIG is focused on what it has been known for since the beginning: the willingness and ability to provide insurance coverage to meet the diverse needs of its clients.
Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. and, in Australia, by AIG Australia Limited ABN 93 004 727 753 AFSL 381686. AIG Australia Limited is a wholly owned subsidiary of American International Group, Inc. (AIG), headquartered in New York.
AIG is a leading international insurance organisation serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG Australia Limited (AIG Australia) is a general insurance company and is regulated by the Australian Prudential Regulation Authority (APRA).
To improve policyholders’ and other market participants’ understanding of AIG Australia’s capital adequacy position, APRA’s Prudential Standard GPS110 Capital Adequacy requires AIG Australia to publish its capital adequacy position on an annual basis.
AIG Australia’s capital adequacy position has been calculated as at 31 December 2018 and is provided below:
AIG Australia’s Capital Base |
($’000) |
Net Assets |
327,425 |
Net Surplus/(deficit) relating to Insurance Liabilities |
40,538 |
Regulatory Adjustments to Common Equity Tier 1 Capital |
(28,272) |
Common Equity Tier 1 Capital |
339,691 |
Additional Tier 1 Capital |
0 |
Regulatory Adjustments to Additional Tier 1 Capital |
0 |
Tier 2 Capital |
0 |
Regulatory Adjustment to Tier 2 Capital |
0 |
Capital Base |
339,691 |
AIG Australia’s Prescribed Capital Amount |
($’000) |
Insurance Risk Charge |
84,283 |
Insurance Concentration Risk Charge |
- |
Asset Risk Charge |
116,136 |
Asset Concentration Risk Charge |
- |
Operational Risk Charge |
26,226 |
less Aggregation Benefits |
(43,873) |
Prescribed Capital Amount |
182,772 |
AIG Australia’s Capital Adequacy Multiple |
($’000) |
Capital Base |
339,691 |
|
divided by |
Prescribed Capital Amount |
182,772 |
Capital Adequacy Multiple |
1.86 |
AIG Australia is a member of the world wide AIG group of companies and is obliged to ensure that all third parties with whom we have an arrangement will abide by the AIG Third Party Code of Conduct.
Third Parties are required to familiarise themselves with this code.