The insurer financial strength rating on AIG Life Insurance Co. of Canada, an operating unit of American International Group Inc. (AIG), is based on AIG's well-diversified business position, a track record of excellent operating performance (notwithstanding the unprecedented World Trade Center (WTC) losses and restructuring charges in 2001 followed by the nonlife reserve charge in 2002), and very strong levels of capital adequacy. Strong franchise. AIG is a well-diversified provider of global property/casualty (P/C) and life insurance that is uniquely positioned to make the most of market conditions. The acquisition of American General Corp. (American General) in late 2001 increased the underlying life premium source to generate 2002 premiums of $20 billion. American General is considered fully integrated into AIG.
