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. AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. 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. 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. As a result of this review, the board has decided to pursue a separation of the Life & Retirement business from AIG. For the quarter, Life & Retirement was a strong contributor to the AIGs profitability, delivering adjusted pre-tax income of $877 million and a return on adjusted segment common equity of 12.2%. 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. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Now what? The life and retirement unit, which sells. 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. 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. 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. 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.. Non-insurance products and services may be provided by independent third parties. Source: American International Group, Inc. AIG to Pursue Separation of Life & Retirement Business, https://www.businesswire.com/news/home/20201026005733/en/. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as will, believe, anticipate, expect, intend, plan, focused on achieving, view, target, goal, or estimate, and include without limitation statements regarding an intent to separate the Life & Retirement business from AIG, the specific terms or timing of any separation transaction and the potential benefits that may be realized as a result of a separation transaction. Get this delivered to your inbox, and more info about our products and services. NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. 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. AIG common stock is listed on the New York Stock Exchange. In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions. 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. 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. 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. 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. Get breaking news, exclusive stories, and money- making insights straight into your inbox. At the latest conference call, the company informed that. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. 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. For additional information about AIG Life & Retirement, go to lifeandretirement.aig.com. 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. 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. 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. 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. 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. American International Group, the global insurance company, has made good on plans to separate out its life and retirement business. Associate General Counsel to AIG's Separation Management Office, overseen by the company's Executive Vice President, Global Head of AIG Enterprise Design and Life & Retirement Separation . Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. 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. AIG believes it can "effectively manage any loss of diversification benefits" in AIG's capital model once the separation takes place. While the general insurance business is prone to swings from hurricanes, wildfires and other catastrophic events, the life and retirement unit's large investment portfolio makes it highly sensitive to interest rates - and current low rates have dragged on earnings. "Individual Retirement, excluding retail mutual funds, which we sold in the third quarter, maintained an upward trajectory with 27% growth," Zaffino said. AIG also named President Peter Zaffino as chief executive officer, effective next year. Need an annuity ladder? We will be updating our websites and materials to reflect this change. 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. The board's decision does not rule out a single sale and any proposed transactions will also need board approval, AIG said. 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.. 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? 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. 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. Based in New York, she will report to President and Chief Executive Officer Peter Zaffino. 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. 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. The details of the separation have yet to be ironed out. #249 | AIG Exits Life & Retirement By Bobby Samuelson October 28, 2020 Yesterday, AIG announced that it has made the strategic decision to exit its Life & Retirement division in order to create two distinct "market-leading" companies with AIG itself focusing exclusively on its P&C business. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. 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 . "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. That amount is due to increase to . Further information may be available in AIG's 3rd quarter 2020 earnings release and analyst call (scheduled on November 6). As per the AIG's board, a . Claire Talcott (Media): claire.talcott@aig.com, Internet Explorer presents a security risk. "In sales year over year, our largest retail product, index annuity, was up 50% compared to the prior-year quarter.". 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. American International Group, Inc. (AIG) is a leading global insurance organization. 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. 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. 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. The company's executive management team, with assistance from ind. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. 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 long-term, profitable growth. American International Group, Inc. (AIG) is a leading global insurance organization. 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. Here you will find all you need - from product information . Rest assured whether you see Corebridge or AIG you're in the right place. 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. 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. 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. Certain property-casualty coverages may be provided by a surplus lines insurer. "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,. His ascension to CEO was widely expected after being named president in December, but AIG had not indicated timing for the change. 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. Downgrade Likely, Due to Separation: The Negative Watch on AIG's holding company continues to reflect the anticipated consequences of AIG's planned separation of the Life & Retirement operations from AIG and its General Insurance (property/casualty) operations. AIG Life & Retirement, MetLife and Prudential US Operations: Liquidity Ample but Below . AIG to Pursue Separation of Life & Retirement Business Business Wire NEW YORK -- October 26, 2020 American International Group, Inc. (NYSE: AIG) today announced its intention to separate . The company reported 97 cents per share on an adjusted basis, beating analysts' estimates of 88 cents. Zaffino joined AIG as global chief operating officer in 2017. 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. He also helped to recruit a number of executives. 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. SAFG Retirement Services, the parent of AIG life and. 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 operations . 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 . In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions. Last October, management announced its intention to split the Life and Retirement business from AIG via an IPO of 19.9% of the unit. John may be reached at [emailprotected] Follow him on Twitter @INNJohnH. Separation of the Life and Retirement business from AIG continued, with the sale of a 9.9% equity stake for $2.2 billion in cash recently completed and an IPO on track for 2022 v Certain property-casualty coverages may be provided by a surplus lines insurer. Many investors use an alternative valuation approach in their investments. 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. 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. 2022 CNBC LLC. Premiums and deposits increased 3%, or $236 million, from the prior year quarter to $7.2 billion due to the recovery from broad industry-wide sales disruption resulting from COVID-19 and the increase in pension risk transfer activity. 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. "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. Life And Retirement. AIG for Advisers A dedicated site for advisers looking to do business with AIG. Hurricane Ida, flooding throughout Europe and other disasters contributed to $628 million in CAT losses, Zaffino said. 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. AIG to Pursue Separation of Life & Retirement Business October 28, 2020 by American International Group, Inc NEW YORK- ( BUSINESS WIRE )-American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Lets say you actually won the $1 billion Mega Millions jackpot. All Rights Reserved. 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. The insurer 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Rather than looking at a book value in financial stocks, an alternative. 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. American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. 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. Completion of a sale could potentially linger into the second quarter, he added during a third-quarter conference call. AIG Life & Retirement makes a tremendous difference in people's lives. The life and retirement business accounted for 34% of AIG's $49 billion in 2019 adjusted revenue, compared with 64% for its general insurance business, AIG said in September. 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. An expert explains, DHS launches free telehealth service for COVID-19 treatment, Gov. 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. 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. 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. AIG is studying the increased CAT risks in order to better price those threats going forward. 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. 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. AIG has benefited from the diversified earnings of its two core units, New York-based Moody's said in a statement. 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. In the Group Retirement business, net flows were negative $1 billion, slightly elevated than the prior year quarter reflecting higher surrenders. 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.. 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. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. The losses were broadly in line with what analysts expected. 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 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. Insurer American International Group on Monday said its board approved a plan to separate the life and retirement business from the rest of the company, and named President Peter Zaffino as chief executive officer, effective next year. A Division of NBCUniversal. 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. 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. AIG common stock is listed on the New York Stock Exchange. Any separation transaction will be subject to the satisfaction of various . "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. "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. 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. The company plans to use proceeds to reduce its debt,. LTC needs can be met if agents know the facts, expert says, From fraudsters to Mafia masterminds, author uncovers 100 Years of Wall Street Crooks, Going to win $1.2B Powerball prize? . 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. 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.
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