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ITEM 1 / BUSINESS / AIG LIFE AND RETIREMENT.....................................................................................................................................................................................Life InsuranceRetirement ServicesThe Life Insurance operating segment offers a broad The Retirement Services operating segment providesrange of protection and mortality-based products. These investment, retirement and income solutions productsproducts are marketed under four principal brands – and services. These products and services areAmerican General, AGLA, AIG Direct and AIG Benefit marketed through a variety of brands described below.Solutions.Group Retirement: Products are marketed ed under theLife Insurance and A&H: Primary products includeVariable a Annuity Life Insurance Company (VALIC)term life insurance, universal life insurance and A&Hbrand and include fixed and variable a group annuities,iproducts. Life insurance and A&H products are group mutual u funds, and group administrative i ativanddistributed ib t d through h independent e den marketing organizationsa i ons compliance services. e VALIC career financial i a advisorsand independent e den insurance agents under the Americanand independent e den financial i a advisors provide retirementremene tGeneral e brand. Career agents distribute ib t Life Insuranceplan participants i pan t with enrollment e support andand A&H products under the AGLA A brand. Americancomprehensive ens e financial i a planning ng services.eGeneral e and AGLA A will continue n to focus on innovativeivproduct development e e and delivering er i differentiatede i ted Fixed Annuities: Products are primarily il marketededproduct solutions ons to producers and customers. AIGunder the Western ern National a brand and include singleDirect (formerly known n as Matrix Direct) is a proprietaryp and flexible e premium m deferred erred fixed annuities. i Westernerndirect-to-consumer t -cons e distributor ib t of term life insurance andNational a maintains a ins its leading industry position i on in theA&H products.bank distribution ib t i channel by designing ing products incooperation on with banks and offering an efficient i en andInstitutional: Products primarily il include structuredture flexible e administration i at i platform.settlement emene t and terminal funding ng annuities, i fixed payoutannuities, i private placement e variable a annuities i andVariable Annuities: Products are marketed ed under thevariable a life insurance, corporate-owned o o ed life insurance,SunAmerica Retirement e e t Markets (SARM) brand and arebank-owned ne life insurance, and stable value wrapdesigned ed to provide customers with retirement remen e tincome.products. These e products are marketed ed under theCustomers may choose among a wide range of variablea American General e brand through h independent e den marketingannuities i offering diverse e investment e t options ons andorganizations a i ons and structured ture settlement emene t brokers.product features, e including ing stock and fixed incomeInstitutional t t i Markets has a disciplined i i d and opportunistico t i portfolios, o os guaranteed a death benefits e and variousapproach a to growth in these e product lines.guaranteed a retirement remen e t income solutions. ons Variablea annuity products are distributed ib t d through h banks andGroup Benefits: In 2012, AIG Life and Retirement e e t andnational, a regional and independent e den broker-dealer ea firms.AIG Property Casualty a combined their U.S. .groupbenefits e businesses e and operate e as AIG Benefitse Brokerage Services: Includes the operations ons of AdvisorSolutions. ons This business will continue n to market a wideGroup, which h is one of the largest networks ofrange of insurance and benefits e products for employeesees independent e den financial i a advisors in the U.S. .Brands(both employer er paid and voluntary) and affinity i groups.include Royal Alliance, SagePoint, FSC Securities i es andPrimary product offerings include life insurance,Woodbury Financial, i a which h we acquired in Novembereraccidental a death, business travel accident, disabilityi i 2012 for $48 million i after purchase price adjustments.tsincome, medical excess e (stop loss), dental, vision i andworksite universal life, critical ica illness and accident.Retail Mutual Funds: Includes the mutual u fund andrelated ed administration i at i and servicing i operations ons ofSunAmerica Asset Management.aeAIG Life and Retirement conducts its business primarily through three major insurance operating companies:American General Life Insurance Company, The Variable Annuity Life Insurance Company and The United StatesLife Insurance Company in the City of New York...................................................................................................................................................................................................................................14 AIG 2012 Form 10-K