American International Group, Inc. reports recurring developments across its global insurance operations and capital structure. AIG provides insurance solutions for businesses and individuals in more than 200 countries and jurisdictions through its operations, licenses, authorizations and network partners.
Company news commonly covers General Insurance results, including Global Commercial and Global Personal net premiums written, underwriting income, combined ratio, adjusted after-tax income and net investment income. Updates also include common-stock dividends, share repurchases, governance matters, completed strategic minority stakes in Convex Group and Onex Corporation, and specialty-insurance collaborations such as the McGill and Partners subscription-market initiative using agentic AI capabilities.
American International Group (AIG) has appointed Don Bailey as the new Global Head of Distribution and Field Operations, effective immediately. He will report to Peter Zaffino, CEO. Zaffino emphasized the need to enhance AIG's value proposition in a rapidly evolving marketplace. Bailey, with over 30 years of experience in the insurance industry, previously held senior roles at Bristlecone Partners and Marsh. His appointment is seen as part of AIG’s strategy to deliver strong financial results and improve market relevance.
AM Best has upgraded the outlook for American International Group (AIG) to positive from stable for its Long-Term Issuer Credit Ratings (ICRs) while affirming its Financial Strength Rating (FSR) of A (Excellent). AIG's property/casualty subsidiaries received a positive outlook due to strong balance sheet strength and improving underwriting performance. Meanwhile, AIG's Life & Retirement Group retains stable ratings, supported by strong operating performance. However, both segments face challenges, including competitive pressures and execution risks related to recent organizational changes.
AIG (NYSE: AIG) has secured a new employment agreement with Peter Zaffino, continuing his role as President & CEO through November 10, 2027. The AIG Board expresses confidence in Zaffino's leadership, emphasizing his success in implementing transformational strategies that drive operational and financial objectives. Zaffino highlighted AIG's recent turnaround efforts aimed at enhancing performance and value for stakeholders. Further details can be found in AIG's Form 8-K submitted to the U.S. Securities and Exchange Commission.
American International Group (NYSE: AIG) has announced the election of Paola Bergamaschi as a director effective December 1, 2022. John G. Rice will assume the role of Lead Independent Director starting January 1, 2023. Douglas M. Steenland will not seek re-election at the 2023 Annual Meeting, concluding his service to AIG. Peter Zaffino, Chairman & CEO, welcomed Bergamaschi’s international expertise in capital markets, and acknowledged Rice's contributions since his appointment in March 2022.
AIG reported strong financial results for Q3 2022, with a net income of $2.7 billion ($3.50 per diluted share), up from $1.7 billion in Q3 2021. The company successfully completed the IPO of Corebridge Financial, generating approximately $1.7 billion. General Insurance shows a combined ratio improvement to 97.3%, and Life and Retirement saw sales rise to $8.9 billion, a 23% increase year-over-year. However, adjusted after-tax income decreased to $0.66 per share due to lower investment income, reflecting challenging economic conditions.
American International Group, Inc. (NYSE: AIG) will disclose its third-quarter financial results on November 1, 2022, after market closure. This announcement will be accessible via the Investors section of their website. A conference call to discuss the results is scheduled for November 2, 2022, at 8:30 a.m. ET, available for public listening. AIG operates globally in the insurance sector, offering a range of services across 70 countries.
American International Group, Inc. (NYSE: AIG) has announced the redemption of various notes totaling $2.25 billion. The company will redeem $750 million of its 3.900% Notes Due 2026, all of its 3.750% Notes Due 2025, and $500 million of its 2.500% Notes Due 2025 on October 24, 2022. The redemption price will include accrued interest up to the redemption date. As of September 22, 2022, the outstanding amounts for the notes were $1.5 billion for the 3.900% Notes, $1.5 billion for the 2.500% Notes, and approximately $521.78 million for the 3.750% Notes.
American International Group (AIG) announced the successful closing of its initial public offering (IPO) for Corebridge Financial (CRBG), raising approximately USD 1.7 billion before deductions. Corebridge's shares began trading on the New York Stock Exchange on September 15. J.P. Morgan, Morgan Stanley, and Piper Sandler served as lead bookrunners for the offering. The IPO registration was effective on September 14, 2022, with the final prospectus available from securing institutions. The funds raised aim to fortify AIG's financial standing and support Corebridge's growth in retirement solutions.
American International Group (AIG) has priced the IPO of Corebridge Financial (CRBG) at USD 21 per share, with trading set to start on Sept. 15, 2022. AIG will offer 80 million shares, generating approximately USD 1.7 billion in gross proceeds. The offering's closing is expected on Sept. 19, 2022, pending standard conditions. J.P. Morgan leads the underwriting team. AIG has also provided a 30-day option for underwriters to purchase an additional 12 million shares. The IPO registration was effective as of Sept. 14, 2022.
American International Group, Inc. (AIG) has launched the Lexington Middle Market Casualty team, aimed at providing insurance coverage to small-to-medium-sized commercial enterprises. This new team, led by Paul McLaughlin, will cater to businesses with annual premiums ranging from $7,500 to $75,000, enhancing AIG's market reach in the SME sector. The initiative aligns with AIG's strategy to tap into the significant U.S. private sector GDP represented by SMEs and aims to offer tailored coverage in industries such as construction, manufacturing, and real estate.