NEW YORK, April 12, 2018 /PRNewswire/ -- American International Group, Inc. (NYSE: AIG) and Ernst & Young LLP (EY) announced a new, innovative global tax compliance and technology operating agreement that involves a combination of managed tax services and the transfer of select AIG employees to EY.
In this arrangement, members of AIG's global tax compliance and tax technology teams integrated into EY's tax technology and direct and indirect tax compliance practices at the U.S. federal, state, local and global levels — allowing AIG to leverage EY's managed tax services and technology backbone, while focusing the company's internal tax team on more strategic initiatives. The collaborative managed services agreement allows both organizations to more effectively and efficiently navigate changes in the tax landscape.
"As global tax compliance obligations become increasingly complex, we welcome the opportunity to partner with EY," said Angela Bekker, Head of Global Tax for AIG. "This collaboration reflects our strategy to focus our team internally on impactful strategic initiatives, while providing us the ability to gain efficiencies and access leading technology solutions for our business."
Kate Barton, EY Americas Vice Chair, Tax Services and EY Global Vice Chair Elect, Tax Services, said: "The arrangement with AIG is an example of our innovative approach to client service, and is another example of EY's well-established history of offering comprehensive tax services, including outsourcing, co-sourcing and other managed services assignments. It gives AIG direct access to our leading-edge tax platform, as well as our knowledge and experience in tax and technology transformation. We are excited to welcome these outstanding AIG professionals to EY, and look forward to leveraging their expertise in our best-in-class service."
Anthony Caterino, EY Vice Chair and Regional Managing Partner for the Financial Services Organization, added: "This agreement expands opportunities for both organizations. Our deep, market leading insurance industry knowledge provides greater efficiency and more confident implementation of this new tax operating and compliance model. Our shared vision for the future of tax is reflected in this collaboration, which will help AIG improve processes, mitigate risk and limit disruption to their business."
Joe Hogan, EY Americas Tax and Finance Operate Leader, the EY organization's managed tax services offering, said: "Our clients are turning to alternatives such as managed services to manage risk and uncover strategic opportunities while adapting to the constantly changing legislative and regulatory environment. Having access to the most advanced technology and data analytics is essential."
Employees of AIG's global tax compliance and tax technology teams transitioned to EY effective March 31, 2018. The five year agreement was effective as of February 5, 2018.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young LLP, a member of the global EY organization that provides services to clients in the US.
EY is a leader in serving the global financial services marketplace
Nearly 51,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Organization today includes more than 11,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America.
EY professionals in our financial services practices worldwide align with key global industry groups, including our Global Wealth & Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients.
With a global presence and industry-focused advice, EY financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide.
This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
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