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.
About EY
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.
About AIG
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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SOURCE EY