Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and issuer credit ratings of a of six domestic life insurance subsidiaries of American International Group, Inc.: SunAmerica Annuity and Life Assurance Company (Phoenix), SunAmerica Life Insurance Company (Phoenix), Western National Life Insurance Company (Amarillo, Texas), American General Assurance Company (Schaumburg, Ill.), American General Life and Accident Insurance Company (Nashville) and American General Life Insurance Company of Delaware (Wilmington, Del.).
Effective Dec. 31, the aforementioned companies merged with and into American General Life Insurance Company (Houston, Texas), AIG's lead U.S. life insurance company. These transactions are part of AIG's ongoing strategy to streamline its insurance company structure into fewer operating companies in order to maximize efficiency. As a result of the mergers, SALAC, SLIC, WNLIC, AGLA, AGLAIC and AGLICDE policyholders have become policyholders of AGLIC.
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