Recent alliances will help AIG turn its life insurance business into a global operation, according to CEO Robert Benmosche.

“We have said we would focus on the right growth opportunities,” he says in a letter to shareholders. “We’ve forged a number of strategic partnerships, including our investment in People’s Insurance Company of China and Fuji Fire and Marine Insurance.

“We have put a concerted effort into re-establishing AIG throughout the world with our life insurance products.”

AIG has renamed its life business Life and Retirement, and the division accounts for 29% of the group’s revenue.

Life insurance brings in 16% of the division’s revenues, which equated to $US9.5 million ($9.3 million) in calendar 2012.

AIG Life and Retirement recorded $US274 million ($268 million) of life insurance sales in the same period.

Life products will be sold globally under the AIG brand, but Mr Benmosche does not rule out local variations.

“Using brand AIG makes sense outside the US, although we have other names we can use for particular segments.”

Meanwhile, Fitch has moved the rating on AIG’s life business from A to A+, driven by the division’s return to stronger operating profits and earnings stability.

The insurer has largely recovered from the global financial crisis and is capable of delivering consistent strong earnings, Fitch says.