AGF currently serves over 2 million customers, has 1,500+ branches and employs an estimated 10,000 people (about 1,400 of which are at its Evansville headquarters).
The Market Focus of AGF is:
- Consumer Lending (Secured & Unsecured)
- Mortgages (1st & 2nd Mortgages)
- Home Equity Lines of Credit
- Retail Sales Financing
- Credit Insurance
American General Finance, Inc. is the parent company of subsidiary American General Finance Corporation.
The company operates in three segments:
- Branch Network
- Centralized Real Estate
The "Branch Network" segment originates real estate loans secured by first and second mortgages on residential real estate; and secured and unsecured nonreal estate loans. This segment purchases retail sales finance contracts, and provides revolving retail sales financing services. Through this, the company finances retail sales of consumer goods and services by retail merchants.
AGF has been greatly impacted by the financial crisis of 2007-2008. As of June 30th, about 83 percent, or $7.7 billion, of its real estate loans were held by subprime borrowers. As of the end of the second quarter 2008, AGF had about $1.4 billion in revenues, but lost about $63 million after costs were accounted for. Earnings statements (as of June 30, 2008) reported that the company has assets of $29 billion and debts/other liabilites of $25.7 billion.
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