Report: Life insurance company AIG back to focusing on core products

Feb 07, 2011

Ownership transfer from government in the works for AIG

The company at the center of a national controversy over its financial practices is out of the "federal doghouse" and pursuing its main life insurance business, the Wall Street Journal wrote recently.

AIG paid off the last of its debts to the federal government in mid-January, the paper said, and the Treasury Department was preparing to sell its ownership stake in the company back to the market at large.

While the company's stock price was still down, AIG's SunAmerica subsidiary - which is primarily a life insurance business - has been responsible for about half of the firm's total earnings, according to the Journal.

SunAmerica CEO Jay Wintrob told the newspaper he was pleased the company was poised to return to normal footing.

"All we've ever asked for is a level playing field, and we're getting that opportunity again. This is just the beginning," he said.

Potential life insurance customers should bear in mind the changing offerings which may be available from both new companies and evolving older ones like SunAmerica, experts say.

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