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 (NYSE: AIG) has appointed Claude E. Wade as Executive Vice President and Chief Digital Officer, effective Q2 2021. Reporting to CEO Peter Zaffino, Wade aims to enhance client experience and operational excellence. With over 30 years of experience in operational strategy and innovation, Wade previously led client experience initiatives at BlackRock and has significant insurance industry expertise. This strategic hire aligns with AIG's commitment to investing in technology and talent to drive profitable growth and improve client retention.
AIG Life & Retirement introduces a new protected lifetime income benefit for its Power Series of Index Annuities. The Lifetime Income Choice benefit provides two options—Max Income and Level Income—to cater to different retirement income needs. Max Income can yield high initial withdrawal rates of up to 7.25%, while Level Income ensures a steady income stream. Both options guarantee income growth during accumulation. This product aims to offer flexibility and security in retirement planning, with protection against market downturns.
American International Group (NYSE: AIG) has appointed Lisa M. Buckingham as Executive Vice President and Global Head of AIG Enterprise Design and Life & Retirement Separation Initiatives, starting April 2021. Buckingham, with over 30 years in corporate management, previously served at Lincoln Financial Group. AIG aims to separate its Life & Retirement business through an IPO or sale of up to 19.9 percent, and Buckingham's expertise is expected to facilitate this transformation. AIG continues to provide a wide range of insurance and financial services globally.
American International Group (AIG) has elected James Cole, Jr. as a new Director, effective March 15, 2021. Cole, 52, is currently the CEO of The Jasco Group and has significant experience in business and public policy. He previously served as Deputy Secretary of Education under President Obama and has a strong background in Mergers & Acquisitions from Wachtell, Lipton, Rosen & Katz. AIG's leadership believes Cole will bring valuable insights as the company continues to navigate challenges and pursue growth.
AIG Retirement Services released a study highlighting that while 90% of public service employees are aware of the Public Service Loan Forgiveness (PSLF) program, 70% lack a comprehensive understanding of its requirements. Student loan debt is the primary financial stressor for these workers, with 78% identifying it as a major burden. Despite challenges, 68% are motivated to meet PSLF qualifications. AIG has launched tools to assist employees in navigating the forgiveness process, emphasizing the importance of financial security among public sector workers.
American International Group (AIG) announced that its Chief Financial Officer, Mark Lyons, and Deputy Chief Financial Officer, Sabra Purtill, will participate in a fireside chat at the Credit Suisse Virtual Financial Services Forum on February 26, 2021, at 10:30 a.m. ET. An audio webcast link will be available on AIG's Investors section of their website, and a replay will also be accessible there. AIG, listed under NYSE: AIG, is a leading global insurance organization providing a wide range of financial services across more than 80 countries.
American International Group (NYSE: AIG) reported significant financial losses for the fourth quarter and full year of 2020, with a net loss of $6 billion, or $6.88 per share. This was primarily driven by a $6.7 billion after-tax loss linked to the sale of Fortitude Group. Adjusted after-tax income dropped to $2.2 billion from $4.1 billion the previous year. Despite these losses, the company improved its risk profile and liquidity, with $10.5 billion in liquidity as of year-end. A quarterly dividend of $0.32 per share has been declared, payable on March 30, 2021.
AIG Life & Retirement has entered into a definitive agreement with Touchstone Investments for the acquisition of certain assets from AIG's Retail Mutual Funds business. This transaction involves reorganizing twelve mutual funds, which manage approximately $7.5 billion in assets, into Touchstone funds, while six funds will be liquidated. The acquisition is expected to close in mid-2021, pending shareholder approval. After the deal, Touchstone will manage over $30 billion in assets. AIG retains its management platform for variable insurance products.
Touchstone Investments has agreed to acquire select assets from AIG Life & Retirement's Retail Mutual Funds business, managing $7.8 billion in assets as of December 31, 2020. The deal involves 12 funds with approximately $7.5 billion in assets, which will be merged into existing or newly created Touchstone funds. This acquisition aims to enhance Touchstone's assets under management and introduce new funds. The transaction is expected to close in mid-2021, pending shareholder approval.
AIG Retirement Services has been appointed as the exclusive retirement plan provider for Care New England, managing over $400 million in retirement assets for its 7,000 employees. This partnership allows for the consolidation of Care New England's 403(b) and 457(b) plans onto a single platform, enhancing the user experience for employees. AIG will utilize its FutureFIT® and SponsorFIT® technologies to provide personalized retirement planning and data analytics solutions, aiming to improve participant outcomes and drive employee engagement.