NEW YORK--(BUSINESS WIRE)-- American International Group, Inc. (NYSE: AIG) today announced that its life and retirement business, SunAmerica Financial Group, Inc., has signed a definitive agreement with The Hartford Financial Services Group Inc. to acquire Woodbury Financial Services, Inc. Woodbury Financial is a leading independent broker-dealer.
Once the transaction is finalized, Woodbury Financial Services will become part of the SunAmerica Financial Group’s Advisor Group, one of the nation’s largest networks of independent broker-dealers. Woodbury Financial’s approximately 1,400 advisors complement Advisor Group’s network, which includes more than 4,800 independent financial advisors at SagePoint Financial, Royal Alliance Associates, and FSC Securities Corporation. Patrick H. McEvoy will continue to serve as Woodbury Financial’s President and Chief Executive Officer, reporting to Larry Roth, President and Chief Executive Officer of Advisor Group.
“Woodbury Financial Services is a strong broker-dealer, with very talented independent financial advisors and a dedicated home office team,” said Jay Wintrob, President and Chief Executive Officer of SunAmerica Financial Group. “I am confident that when Woodbury Financial’s advisors join our network they will see tremendous benefits, namely our industry-leading technology and open architecture platform. We look forward to welcoming Woodbury Financial into the AIG family and to working together to provide even more valuable services to their clients.”
“We are excited about the prospect of joining Advisor Group and being part of an organization committed to independent financial advisors,” said Mr. McEvoy. “While we have been very successful in delivering highly valued services, we believe our advisors will greatly benefit from the state-of-the-art technology, tools, support, and enhanced growth opportunities affiliation with Advisor Group provides.”
Mr. Roth noted the importance of the acquisition, stating, “Adding Woodbury Financial to our Advisor Group network sends a clear message that we are absolutely committed to the independent financial advisor business model. We will continue to invest in our advisors to help them grow their practices and better serve their clients.”
The transaction is expected to be finalized by the end of 2012, subject to required regulatory approvals and customary closing conditions. Located in Oakdale, MN, Woodbury Financial Services has more than 200 home office employees and nearly 1,400 independent representatives throughout the United States. The roots of Woodbury Financial date back to 1910, with Montana Life.
It should be noted that this news release may include projections, goals, assumptions and statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These projections, goals, assumptions and statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “view,” “target,” or “estimate.” These projections, goals, assumptions, and statements may address, among other things: the timing of the disposition of the ownership position of the United States Department of the Treasury in AIG; the cash flow projections and fair value for AIG’s interest in Maiden Lane III LLC; the monetization of AIG’s interests in International Lease Finance Corporation (ILFC); AIG’s exposures to subprime mortgages, monoline insurers, the residential and commercial real estate markets, state and municipal bond issuers, and sovereign bond issuers; AIG’s exposure to European governments and European financial institutions; AIG’s strategy for risk management; AIG’s ability to retain and motivate its employees; AIG’s generation of deployable capital; AIG’s return on equity and earnings per share long-term aspirational goals; AIG’s strategies to grow net investment income, efficiently manage capital and reduce expenses; AIG’s strategies for customer retention, growth, product development, market position, financial results and reserves; and the revenues and combined ratios of AIG’s subsidiaries. It is possible that AIG’s actual results and financial condition will differ, possibly materially, from the results and financial condition indicated in these projections, goals, assumptions, and statements. Factors that could cause AIG’s actual results to differ, possibly materially, from those in the specific projections, goals, assumptions, and statements include: actions by credit rating agencies; changes in market conditions; the occurrence of catastrophic events; significant legal proceedings; concentrations in AIG’s investment portfolios, including its municipal bond portfolio; judgments concerning casualty insurance underwriting and reserves; judgments concerning the recognition of deferred tax assets; judgments concerning deferred policy acquisition costs recoverability; judgments concerning the recoverability of aircraft values in ILFC’s fleet; and such other factors as are discussed throughout Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations in AIG’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, and in Part I, Item 1A. Risk Factors and discussed throughout Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in AIG’s Annual Report on Form 10-K for the year ended December 31, 2011, as amended by Amendment No. 1 and Amendment No. 2 on Form 10-K/A filed on February 27, 2012 and March 30, 2012, respectively, and discussed throughout Exhibit 99.2, Management’s Discussion and Analysis of Financial Condition and Results of Operations of AIG’s Current Report on Form 8-K filed on May 4, 2012. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions, or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
American International Group, Inc.
Jim Ankner (News Media)
(O): (212) 770-3277
(C): (917) 882-7677
Liz Werner (Investment Community)
(O): (212) 770-7074
SunAmerica Financial Group
(O): (310) 772-6533
Source: American International Group, Inc.