The business consists of four operating segments - Individual Retirement, AIG Retirement Services, Life Insurance and Institutional Markets - and holds . 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. "A separation of Life & Retirement from AIG would not be possible without a strong General Insurance business that can support itself and thrive on a standalone basis." * No additional capital required. As such, Fitch expects AIG Life's Prism score to remain 'Strong' in 2020. AIG also on Monday said that it incurred an estimated $790 million in catastrophe losses during the third quarter, net of reinsurance and before tax, including $185 million of estimated catastrophe losses for claims related to COVID-19. 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. Duperreault has focused on sharpening underwriting, doing more with worthwhile customers, investing in technology, restoring talent and cutting costs. AIG has struggled to right itself after a $182 billion U.S. taxpayer bailout in 2008 to save it from collapse. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. 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. Further information may be available in AIG's 3rd quarter 2020 earnings release and analyst call (scheduled on November 6). . No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. 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.. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. 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 . To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Average CAT losses over the last five years have been $114 billion, up 30% from the 10-year average, and 40% from the 15-year average, Zaffino said. Zaffino said AIG is working with "urgency" to complete the separation this year but that the timing could slip into the first quarter of 2022. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. 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. The company's 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 company's current . American International Group Inc. has hired Lisa Buckingham to fill the newly created role of executive vice president and global head of AIG enterprise design and Life & Retirement. Get breaking news, exclusive stories, and money- making insights straight into your inbox. Zaffino, has been the point man to execute those goals, partly by reducing losses in the commercial property and casualty businesses and relying more on reinsurance while also modernizing technology and processes. Non-insurance products and services may be provided by independent third parties. 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. Hurricane Ida, flooding throughout Europe and other disasters contributed to $628 million in CAT losses, Zaffino said. 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. 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. 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. 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. Get this delivered to your inbox, and more info about our products and services. 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. Source: American International Group, Inc. AIG to Pursue Separation of Life & Retirement Business, https://www.businesswire.com/news/home/20201026005733/en/. Based in New York, she will report to President and Chief Executive Officer Peter Zaffino. 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. Premiums were $1 billion, up from $785 million, or 33%, from the prior year quarter driven by higher pension risk transfer activity in third quarter of 2021. Now what? About AIG Life & Retirement. 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. 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. AIG provided the following details on its Life & Retirement . NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. AIG Log In Applications AIG Life & Retirement is now Corebridge Financial. Zaffino joined AIG as global chief operating officer in 2017. 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. 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. Need an annuity ladder? AIG Life & Retirement is now Corebridge Financial. Non-insurance products and services may be provided by independent third parties. The company reported 97 cents per share on an adjusted basis, beating analysts' estimates of 88 cents. "In sales year over year, our largest retail product, index annuity, was up 50% compared to the prior-year quarter.". In May 2019, AIG reported its first general insurance underwriting profit since the 2008 financial crisis, a key goal. 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. 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. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. "Having said that, we currently expect to retain a greater than 50% interest immediately following the IPO and to continue to consolidate life retirement financial statements until such time as we fall below the 50% ownership threshold," Zaffino said. 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. An expert explains, DHS launches free telehealth service for COVID-19 treatment, Gov. Brian Duperreault, AIGs Chief Executive Officer, stated, Over the last three years, we have taken significant action to de-risk AIG and position the company for profitable growth, including fortifying General Insurance, diversifying Life & Retirement, significantly strengthening AIGs capital and liquidity position, and building a world-class team. NEW YORK, March 28, 2022 -- ( BUSINESS WIRE )--American International Group, Inc. (NYSE: AIG) today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of. "Although no decisions have been made as to how to achieve a full separation, the board's intent is to accomplish it in a way that maximizes shareholder value and establishes two independent,. As a market leader, General Insurance will continue to focus on achieving long-term, profitable growth. For additional information about AIG Life & Retirement, go to lifeandretirement.aig.com. The move would return more cash to shareholders, Icahn had said at the time. The company started working on an initial public offering for the unit earlier this year, promising investors the separation would lead to "minimal business disruption". Excluding Retail Mutual Funds, which was sold in third quarter of 2021, Individual Retirement recorded net inflows of $240 million compared to net outflows of $110 million in the prior year quarter, largely due to a recovery from the broad industry-wide sales disruption resulting from COVID-19. 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. There is no better place to network with the right people and solidify your business. Shelley Singh (Investors): shelley.singh@aig.com To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. We will be updating our websites and materials to reflect this change. Learn More. 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. "Today's announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company," said Peter Zaffino, Chairman & CEO . 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. 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. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. 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. His ascension to CEO was widely expected after being named president in December, but AIG had not indicated timing for the change. NEW YORK, March 28, 2022--American International Group, Inc. (NYSE: 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. American International Group Inc.'s life and retirement business would likely be too large for one company to acquire in a sale, according to industry analysts. Lets say you actually won the $1 billion Mega Millions jackpot. American International Group, Inc. (AIG) is a leading global insurance organization. The board's decision does not rule out a single sale and any proposed transactions will also need board approval, AIG said. 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. The life and retirement business accounted for 34% of AIG's $49 billion in 2019 adjusted revenue compared to 64% for its general insurance business and 63% of its adjusted pretax income. 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. The life and retirement unit, which sells. 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. 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. Any separation transaction will be subject to the satisfaction of various . Icahn, who wanted AIG to become a smaller, simpler company, demanded that AIG spin off its life insurance unit and now former mortgage insurance business. There are many uses for them, L.inc Advisory annuity income benefit rider payout percentages increase, $1.2 billion Powerball lottery jackpot spurs hype, dreams, Resolution Life, Blackstone complete partnership agreement, Despite Katie Courics advice, doctors say ultrasound breast exams may not be needed, Why did Doctors Hospital bill two burn victims' insurance $38 million? Many investors use an alternative valuation approach in their investments. "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. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. AIG also recorded a $9 million pre-tax charge in its life insurance businesses after conducting and annual review of assumptions it has used to write life insurance policies. 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. 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. As a market leader, General Insurance will continue to focus on achieving longterm, profitable growth. Here you will find all you need - from product information . A "simplified corporate structure will unlock significant value for. Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. Moody's Investors Service 28 Oct 2020 Rating Action Moody's reviews AIG's debt ratings for downgrade, affirms A2 financial strength ratings of insurance subsidiaries . AIG to Pursue Separation of Life & Retirement Business Posted on 10/26/2020 2300 American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement . Analysts have also seen logic in a separation. NEW YORK -- (BUSINESS WIRE)--Mar. 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.. 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. 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. Newsom: Many Californians Can Get Health Coverage For As Little As $10 Per Month, Low costs expected to keep Obamacare interest high, Using life insurance riders to pay for long term care, Talcott Financial Group closes $7B block reinsurance deal with Guardian, Former investment manager sentenced in scheme to defraud life insurer, Former U.S. Navy member pleads guilty to $2M insurance fraud scheme, Long-term care crisis sneaking up on most Americans, LTCi Awareness Month approaches, as need for care is likely for many, Former pastor wants out of prison in Indiana securities fraud case, 80% of employees surveyed say debt level is a problem, More Top Read Stories 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 . American International Group, Inc. 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