SAFG Retirement Services, the parent of AIG life and. 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. 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 "simplified corporate structure will unlock significant value for. 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. 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. The company plans to use proceeds to reduce its debt,. American International Group said on Monday it has appointed insider Shane Fitzsimons as its chief financial officer, replacing Mark Lyons, as the insurer prepares for the separation of its life . 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. AIG shares were up nearly 8% in extended trading. 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. Need an annuity ladder? 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 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. 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. 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. Certain property-casualty coverages may be provided by a surplus lines insurer. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. 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. 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. 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 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. AIG announced its plan to sell 19.9% of Life & Retirement -- either through a private sale or a public offering -- during last year's third-quarter call. As a market leader, General Insurance will continue to focus on achieving long-term, profitable growth. 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American International Group, the global insurance company, has made good on plans to separate out its life and retirement business. 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 Log In Applications AIG Life & Retirement is now Corebridge Financial. 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. As per the AIG's board, a . 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. 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. 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. 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. 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. AIG has struggled to right itself after a $182 billion U.S. taxpayer bailout in 2008 to save it from collapse. AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Consider not taking cash, Americans expect to need $1.25M for a comfortable retirement, study finds. AIG's 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 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. Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. The move would return more cash to shareholders, Icahn had said at the time. Select an Option Analysts have also seen logic in a separation. AIG believes it can "effectively manage any loss of diversification benefits" in AIG's capital model once the separation takes place. 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. He also helped to recruit a number of executives. The details of the separation have yet to be ironed out. 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. We want to hear from you. 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 . 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. The life and retirement unit, which sells. 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. Shelley Singh (Investors): shelley.singh@aig.com "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. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. 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 . Life Insurance adjusted pre-tax income of $134 million, increased $102 million from $32 million in the prior year quarter primarily reflecting favorable impacts from the annual actuarial assumption update, partially offset by unfavorable mortality. Rest assuredwhether you see Corebridge or AIGyou're in the right place. 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. As such, Fitch expects AIG Life's Prism score to remain 'Strong' in 2020. 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. There is no better place to network with the right people and solidify your business. 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. Hurricane Ida, flooding throughout Europe and other disasters contributed to $628 million in CAT losses, Zaffino said. American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. 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. 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. The board's decision does not rule out a single sale and any proposed transactions will also need board approval, AIG said. About AIG Life & Retirement. AIG has benefited from the diversified earnings of its two core units, New York-based Moody's said in a statement. 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. 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? 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. >, Zurich North America Wins Award for Digital Experience Champion at Excellence in Insurance Innovation, Sponsored by Insurity, USA Swimming Announces Landmark Sponsorship with OneAmerica Financial Partners, Benjamin Bomhoff Wins Award for CTO of the Year at Excellence in Insurance Innovation, Sponsored by Insurity, Insurance Technologies Changes Name to Hexure. 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. 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.. Lets say you actually won the $1 billion Mega Millions jackpot. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. Insurer American International's board approved a plan to separate the life and retirement business from the rest of the company. AIG intends to divest its life and retirement business Insurer American International Group on Monday said its board approved a plan to separate the life and retirement business from. Since then, the company has sold off big chunks to repay the debt plus a $22.7 billion return. 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. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. 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 company reported 97 cents per share on an adjusted basis, beating analysts' estimates of 88 cents. AIG Life & Retirement makes a tremendous difference in people's lives. "Individual Retirement, excluding retail mutual funds, which we sold in the third quarter, maintained an upward trajectory with 27% growth," Zaffino said. 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. 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. Blackstone will also enter a long-term asset management relationship with AIG to manage $50 billion, or about 25%, of life and retirement's investment portfolio. 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. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. "Today's announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company," said Peter Zaffino, Chairman & CEO . 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. Here you will find all you need - from product information . 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 intends to divest its life and retirement business. We are currently updating our websites and materials to reflect this change. 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. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. 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. The life and retirement unit, which sells. For additional information about AIG Life & Retirement, go to lifeandretirement.aig.com. John may be reached at [emailprotected] Follow him on Twitter @INNJohnH. "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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. 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 . View Guidelines. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. Copied. American International Group expects to sell its Life & Retirement business during the first quarter of 2022, CEO Peter Zaffino said this morning. The company's executive management team, with assistance from ind. Now what? His ascension to CEO was widely expected after being named president in December, but AIG had not indicated timing for the change. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. As a market leader, General Insurance will continue to focus on achieving long-term, profitable growth. Source: American International Group, Inc. AIG to Pursue Separation of Life & Retirement Business, https://www.businesswire.com/news/home/20201026005733/en/. AIG also named President Peter Zaffino as chief executive officer, effective next year. 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. AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders.
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