Insurance survey: AIG remains the undisputed leader
Euromoney looks in depth at the global property and casualty insurers that our poll respondents vote as the best in the business. Overall winner AIG sees worrying signs of poor capital management in the industry, while second-ranked Zurich shows its flair for innovation and China’s Ping An has sizeable ambitions of its own.
Martin Sullivan, CEO, AIG
INVESTORS IN GLOBAL insurance stocks shuddered in February when auditors at AIG, the industry leader, announced that they had discovered a material weakness in the way the company valued credit default swaps. Just a few months earlier, AIG had suggested that it might take a write-down of a little over $1 billion on its credit portfolios. But when it published audited results at the end of February 2008, write-downs amounted to $11.1 billion, mainly in AIG Financial Products Corp, with a fourth-quarter group loss for 2007 of $5.3