by John Darer CLU ChFC CSSC RSP
The AIG brand is coming back after recent advertising tests showed higher response rates and lower customer acquisition costs for AIG branded products, according to recent media reports. The return to the AIG brand comes 3 years after a financial crisis induced re-branding was done during 2009.
The Chartis property and casualty business will be known simply as AIG starting this fall, while the SunAmerica life businesses will be known as AIG Life and Retirement. Sun America Financial Group includes current structured settlement annuity issuers American General Life Insurance Company, United States Life Insurance Company in The City of New York and former structured settlement annuity issuers VALIC and Western National Life Insurance Company. Certain other AIG entities will keep their names but add an AIG tag to their logos.
AIG received $182 billion in government bailouts during the financial crisis. The U.S. government remains the largest shareholder in AIG with a 61 percent stake.
The re-branding is good for structured settlements, in my opinion. Structured settlement annuitants with AIG subsidiary companies were paid 100% of their payments throughout and re-branding back to AIG demontrates a level of confidence by senior management, backed by marketing research.