American International Group has taken the No.1 spot in the financial sector in terms of market capitalization with a market value of $217 billion. Its shares have been trading in the $90 to $100 dollar range, and have held up well in the recent market turmoil. AIG replaces Citigroup, whose share value has declined 13 percent since the beginning of November to $214 billion, at the top of the list.
Rounding out the top 5 were the U.K. ‘s Hong Kong and Shanghai Bank Corp. ($125 billion), Germany’s Allianz (84 billion), and Fannie Mae ($80 billion). ING is the insurer with the largest market capitalization after AIG and Allianz with $69.8 billion.
The French Financial newspaper Les Echos commented that the high value the market places on AIG recognizes the success of its niche strategy and ability to control costs, and to expectations that it will significantly expand its markets in the U.S. and Asia.
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