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.
AM Best has reaffirmed the Long-Term Issuer Credit Rating (ICR) of 'bbb' for American International Group, Inc. (AIG), with no changes following its announced separation of its life and retirement business. AIG's Financial Strength Ratings (FSR) for both property/casualty subsidiaries and Life & Retirement Group remain at 'A' (Excellent) with stable outlooks. This strategic move aims to streamline operations and enhance shareholder value, as AIG has successfully improved its operational profile through various risk management strategies.
American International Group (AIG) reported third-quarter 2020 catastrophe losses of $790 million, including $185 million related to COVID-19, primarily affecting travel, event cancellations, and property sectors. Non-COVID-19 losses totaled $605 million due to windstorms and wildfires. AIG's CEO emphasized the company's strong balance sheet and effective risk management. Additionally, AIG updated its actuarial assumptions, resulting in a $7 million charge to net income, with lower interest rates impacting the Life & Retirement segment. AIG will report full financial results on November 5, 2020.
AIG announced plans to separate its Life & Retirement business to enhance shareholder value. This decision follows a comprehensive review led by the executive management team and approved by the AIG Board of Directors. The intention is to create two independent companies, each positioned for sustained growth. CEO Brian Duperreault emphasized the company’s previous efforts to de-risk AIG and strengthen its capital. However, the separation is still subject to regulatory approvals and various conditions, with no specific timeline or terms outlined yet.
American International Group (AIG) has announced significant changes in its leadership team, naming Peter S. Zaffino as the new Chief Executive Officer, effective March 1, 2021. Zaffino will also serve as a Director, succeeding Brian Duperreault, who becomes Executive Chairman. Douglas M. Steenland has been designated as Lead Independent Director. Zaffino, who has played a vital role in AIG's turnaround, expressed gratitude for the opportunity, while Duperreault praised Zaffino's vision and determination. The transition aims to bolster AIG's strategy and enhance its market position.
American International Group (AIG) will release its third quarter financial results for the period ending September 30, 2020, on November 5, 2020, after market hours. The financial data will be accessible in the Investors section of AIG's website. Additionally, a conference call to discuss these results is scheduled for November 6, 2020, at 9:00 a.m. ET. This call will be publicly available via webcast.
AIG is a global leader in insurance, offering diverse financial services across over 80 countries.
AIG Life & Retirement has launched the Power Index Premier NY Index Annuity with Lifetime Income Builder, exclusively for New York residents. This product features a Guaranteed Living Benefit (GLB) rider, enabling guaranteed lifetime income growth for up to 15 years, even during market volatility. Research indicates that 70% of pre-retirees feel pessimistic about their financial futures. The annuity combines tax deferral, principal protection, and growth potential linked to major equity indices without direct market risk. AIG continues to innovate in retirement solutions.