AIG Rebrands SunAmerica Mutual Funds as AIG Funds
January 12, 2017 by Marie Suszynski
NEW YORK – Keeping with its goal of becoming a “leaner, more profitable and focused insurer,” American International Group Inc. is rebranding its retail mutual fund family, according to the chief executive officer of AIG’s consumer insurance.
Effective Feb. 28, SunAmerica Mutual Funds will become AIG Funds and carry the AIG brand. The company will also launch a new website, www.aig.com/funds, that day.
“By aligning the SunAmerica brand more closely with AIG, we are able to leverage the strength and scale to build greater awareness and visibility among our core audience of financial professionals and consumers,” Kevin Hogan, executive vice president and CEO of AIG’s consumer insurance said in a statement.
Each fund series, or registrant, will keep the SunAmerica name, but the name and logo of the retail mutual funds will transition to the AIG brand. However, the 2020 high watermark fund will not have a name change.
The retail mutual funds’ adviser, SunAmerica Asset Management LLC will not change. In addition, there will be no change to investment goals, portfolio managers, ticker symbols or Committee on Uniform Securities Identification Procedures numbers.
AIG’s chief financial officer, Sid Sankaran, said in December at a conference in New York City AIG launched a strategic plan in January 2016 to “sculpt” the company to become more focused. The company has concentrated on revamping its commercial lines segment along with capital management and initiatives in data science and technology (Best’s News Service, Dec. 6, 2016).
The company returned to profitability in the third quarter of 2016 as the group dealt with complications related to longevity assumptions in life insurance and soft markets in certain commercial lines (Best’s News Service, Nov. 3, 2016).
AIG recently sold its mortgage insurance business, United Guaranty Corp., to Arch Capital Group Ltd. for $3.4 billion, a transaction that closed this month (Best’s News Service, Jan. 5, 2017).
Insurance subsidiaries of AIG have a current Best’s Financial Strength Rating of A (Excellent).
Early afternoon Jan. 11, shares of AIG were $66.72, down 0.68% from the previous close.
(By Marie Suszynski, BestWeek Correspondent: Marie.Suszynski@ambest.com