AIG common stock is listed on the New York Stock Exchange. Individual and Group Retirement net flows were negative $919 million, a significant improvement of $807 million from the prior year quarter due to a recovery from 2020 sales disruptions from COVID-19. AIG also named President Peter Zaffino as chief executive officer, effective next year. AIG expects to complete the first step of the separation in 2021, President and COO Peter Zaffino said during a third-quarter earnings call. Copied. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG. Earlier this week, AIG officially closed a deal to sell a 9.9% equity stake in Life & Retirement to Blackstone for $2.2 billion in an all-cash transaction. The separation of the business could take "a couple of years" and may be done in phases through sales of minority stakes, according to two people familiar with the matter. American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. Overall, AIG reported net income attributable to common shareholders of $1.7 billion, a substantial increase from the $281 million collected in the third quarter 2020. American International Group, Inc. (AIG) is a leading global insurance organization. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. As an independent company, the Life & Retirement business will be well positioned to build value for shareholders by leveraging a broad product portfolio and diverse distribution to tailor its offerings to best meet the evolving needs of customers and distributors. Lets say you actually won the $1 billion Mega Millions jackpot. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required. AIG Retirement Services, founded in 1955, is a retirement services provider that serves more than one million people in public K-12, higher education, healthcare, government, and other not-for-profit organizations. American International Group expects to sell its Life & Retirement business during the first quarter of 2022, CEO Peter Zaffino said this morning. AIG believes it can "effectively manage any loss of diversification benefits" in AIG's capital model once the separation takes place. On Friday morning, Zaffino updated investors on the operational steps the company is taking ahead of the planned separation of its L&R unit, saying that AIG was focused on a . As per the AIG's board, a . The move would return more cash to shareholders, Icahn had said at the time. AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. An initial minority sale would be for 19.9% of the business, which would allow it to benefit from $1.5 billion in foreign tax credits that the company accumulated during loss years, before eventually . Non-insurance products and services may be provided by independent third parties. AIG has officially not taken any decision on how to achieve the separation, but it could be done in phases through minority stake sales. The insurer, which ranks among the top 10 U.S. carriers by market value, said it has yet to make a decision on how to carry out the separation, beyond the board voting to establish two independent, market-leading companies. Great American Life and its parent, American Financial Group, announced a reinsurance deal that would send $5.7 billion in fixed annuity contracts to Global Atlantic Financial. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. A Division of NBCUniversal. "We've never seen consistent CAT losses at this level and as an industry need to acknowledge that frequency and severity has changed dramatically as a result of climate change and other factors," Zaffino said. American International Group (AIG) has announced that Lisa M Buckingham will join the company in April 2021 in the newly created role of Executive Vice President, Global Head of AIG Enterprise Design and Life & Retirement Separation Initiatives. The third quarter of 2021 included a $166 million unfavorable impact from the annual actuarial assumption update, unfavorable mortality, higher general operating expenses and increases in deferred policy acquisition costs amortization and reserves primarily in Individual Retirement and Group Retirement, partially offset by higher fee income as well as strong alternative investment income across all segments. That amount is due to increase to . Lincoln Financial Reports Strong Sales, Declining Income In 3Q, Fixed And Variable Annuity Sales Rise 6% In New 2Q Data, Find out how you can submit content for publishing on our website. All Rights Reserved. AIG has been in the midst of a turnaround launched by Duperreault, who took charge of AIG in 2017. Zaffino said AIG had no plans to break up the life and retirement unit and was aiming to finish the separation of the business in 2021. "AIG is undergoing transformative change and actively designing a simpler and more effective corporate structure as we pursue a separation of the Life & Retirement business from AIG. This foundational work has positioned AIG to pursue a separation of Life & Retirement enabling both companies to prosper as stand-alone entities." The press release did not mention of how or when the separation will occur. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. The life and retirement unit, which sells. The companys executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the companys current composite structure, including strategic, operational, capital and tax implications. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Life And Retirement AIG provided the following details on its Life & Retirement performance: Life and Retirement reported adjusted pre-tax income of $877 million for the third quarter. AIG provided the following details on its Life & Retirement performance: Life and Retirement reported adjusted pre-tax income of $877 million for the third quarter of 2021, down 13% from $1 billion in the prior year quarter. An expert explains, DHS launches free telehealth service for COVID-19 treatment, Gov. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility through disciplined underwriting and expense control within a clearly defined risk appetite and comprehensive reinsurance strategy. American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. It also had to work through hefty losses from claims occurring in prior years that led to more than $11.2 billion in unexpected reserve increases since 2015, most of which occurred under prior leadership. The business consists of four operating segments - Individual Retirement, AIG Retirement Services, Life Insurance and Institutional Markets - and holds . November 05, 2021 AIG plans to retain more than 50% interest in its life and retirement (L&R) business immediately after it spins off the unit, CEO Peter Zaffino said Friday. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. American International Group, Inc. AIG today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company. AIG posted an underwriting income of $20 million in its general insurance business in the third quarter, compared with a $423 million loss a year earlier. Get this delivered to your inbox, and more info about our products and services. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG. No assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur. As a market leader, General Insurance will continue to focus on achieving long-term, profitable growth. Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. As a market leader, General Insurance will continue to focus on achieving longterm, profitable growth. American International Group, the global insurance company, has made good on plans to separate out its life and retirement business. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. NEW YORK--(BUSINESS WIRE)--Oct. 26, 2020-- American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. American International Group (NYSE:AIG) shares climb 3.7%, apparently reflecting investors' satisfaction with the company's plan to separate its life and retirement business from the. He also helped to recruit a number of executives. Last October, management announced its intention to split the Life and Retirement business from AIG via an IPO of 19.9% of the unit. American International Group (AIG) has announced its plans to separate its life and retirement business unit, after conducting a comprehensive review of its current structure. His ascension to CEO was widely expected after being named president in December, but AIG had not indicated timing for the change. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. For 2019 as a whole, before any impact from the coronavirus, AIG's full year adjusted net income of $5.48 billion had $3.458 billion in adjusted net income from the Life & Retirement. AIG posted an underwriting income of $20 million in its general insurance business in the third quarter, compared with a $423 million loss a year earlier. Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. Log in to pay bills, manage policies, view company news, materials & more. AIG announced Oct. 26 that it would take a restructuring step that had been suggested for years and separate the segment from its property and casualty business. AIG is moving ahead with plans for an initial public offering of its life and retirement (L&R) business in the first quarter next year, according to CEO Peter Zaffino. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. In the Group Retirement business, net flows were negative $1 billion, slightly elevated than the prior year quarter reflecting higher surrenders. Looking ahead, AIG is tipped to end Dec 21 with an EPS of 4.75 (current normalised TTM EPS is 4.64) up 2.37% on the previous year result, while Dec 22 should bring an EPS result of 5.42, up. Completion of a sale could potentially linger into the second quarter, he added during a third-quarter conference call. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Although no decisions have been made as to how to achieve a full separation, the Boards intent is to accomplish it in a way that maximizes shareholder value and establishes two independent, market leading companies. From AIG American International Group, Inc. today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company. NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. This foundational work has positioned AIG to pursue a separation of Life & Retirement enabling both companies to prosper as stand-alone entities., Peter S. Zaffino, AIGs President & Global Chief Operating Officer, and CEO-elect, stated, Across AIG, we have made significant progress executing on our strategy to deliver value for our clients, distribution partners, shareholders and other stakeholders. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate, the uncertainty of regulatory approvals including in connection with any separation transaction, AIGs ability to satisfy the necessary conditions to consummate a separation transaction on a timely basis or at all, and AIGs ability to successfully separate the Life & Retirement business and realize the anticipated benefits from a separation. Since then, sale of AIG's housing portfolio and successful tax strategies means "we're no longer constrained in terms of how much of life and retirement we can sell," Zaffino said. The separation of AIG's life insurance business echoes a move pushed by billionaire activist investor Carl Icahn, who targeted the insurer in 2015 with a break-up plan that was also supported by former hedge fund manager John Paulson. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Rest assured whether you see Corebridge or AIG you're in the right place. Our businesses can be further strengthened by separating Life & Retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation., Douglas M. Steenland, speaking on behalf of the AIG Board of Directors, added, The Board worked closely with executive management as they conducted a comprehensive review of AIGs composite structure, and AIGs Directors are confident that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders.. Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility through disciplined underwriting and expense control within a clearly defined risk appetite and comprehensive reinsurance strategy. View source version on businesswire.com: https://www.businesswire.com/news/home/20201026005733/en/, Sabra Purtill (Investors): sabra.purtill@aig.com Shelley Singh (Investors): shelley.singh@aig.com Claire Talcott (Media): claire.talcott@aig.com. 2022 CNBC LLC. InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. For additional information about AIG Life & Retirement, go to lifeandretirement.aig.com. Sign up for free newsletters and get more CNBC delivered to your inbox. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language.
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