American International Group, Inc. (AIG) is a leading global insurance organization. SAFG Retirement Services, the parent of AIG life and. Life And Retirement. Consider not taking cash, Americans expect to need $1.25M for a comfortable retirement, study finds. 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. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. AIG has struggled to right itself after a $182 billion U.S. taxpayer bailout in 2008 to save it from collapse. NEW YORK -- (BUSINESS WIRE)--Mar. This is another important milestone as our momentum continues toward the separation of our Life & Retirement business and future state of 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. 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. 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. American International Group expects to sell its Life & Retirement business during the first quarter of 2022, CEO Peter Zaffino said this morning. Sabra Purtill (Investors): sabra.purtill@aig.com 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? In May 2019, AIG reported its first general insurance underwriting profit since the 2008 financial crisis, a key goal. 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. 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 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. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. 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. 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 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. For additional information about AIG Life & Retirement, go to lifeandretirement.aig.com. 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%. Lets say you actually won the $1 billion Mega Millions jackpot. 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. American International Group, the global insurance company, has made good on plans to separate out its life and retirement business. 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 . Select an Option AIG has officially not taken any decision on how to achieve the separation, but it could be done in phases through minority stake sales. In the Group Retirement business, net flows were negative $1 billion, slightly elevated than the prior year quarter reflecting higher surrenders. 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 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 has been in the midst of a turnaround launched by Duperreault, who took charge of AIG in 2017. Insurer American International's board approved a plan to separate the life and retirement business from the rest of the company. Shelley Singh (Investors): shelley.singh@aig.com AIG is studying the increased CAT risks in order to better price those threats going forward. 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. Based in New York, she will report to President and Chief Executive Officer Peter Zaffino. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. 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. 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. View Guidelines. 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. Entire contents copyright 2021 by InsuranceNewsNet.com Inc. All rights reserved. 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. Non-insurance products and services may be provided by independent third parties. A Division of NBCUniversal. Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. 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 reported 97 cents per share on an adjusted basis, beating analysts' estimates of 88 cents. We will be updating our websites and materials to reflect this change. AIG shares were up nearly 8% in extended trading. 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. InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. The losses were broadly in line with what analysts expected. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. AIG common stock is listed on the New York Stock Exchange. AIG Life and Retirement: Strong market positions; separation from AIG parent awaits. 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. 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. 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 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. At the latest conference call, the company informed that. 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. 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. 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.. 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. "In sales year over year, our largest retail product, index annuity, was up 50% compared to the prior-year quarter.". 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. 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. 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. 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. 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. Certain property-casualty coverages may be provided by a surplus lines insurer. 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. Riders to the rescue? 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 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. 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. 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. Further information may be available in AIG's 3rd quarter 2020 earnings release and analyst call (scheduled on November 6). 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 . 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. The company reported 97 cents per share on an adjusted basis, beating analysts' estimates of 88 cents. 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. #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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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.. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. AIG's Path to Life, Retirement Separation Could Be Painful Jon C. Ogg 24/7 Wall St. October 28, 2020 AP Photo/Elise Amendola, File 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. American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. About AIG Life & Retirement. 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. Need an annuity ladder? The life and retirement unit, which sells. Zaffino joined AIG as global chief operating officer in 2017. 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. 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. 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. 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. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. 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. 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 Life & Retirement is now Corebridge Financial. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. We help them respond to some of. The life and retirement unit, which sells. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. 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. AIG announced that it would spin off its life and retirement division, the source of about one-third of its $49 billion in annual revenues, as a separate company. 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. 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 . 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. 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. 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. Many investors use an alternative valuation approach in their investments. AIG also named President Peter Zaffino as chief executive officer, effective next year. 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. His ascension to CEO was widely expected after being named president in December, but AIG had not indicated timing for the change. . 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. 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 . The board's decision does not rule out a single sale and any proposed transactions will also need board approval, AIG said. 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 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 Log In Applications AIG Life & Retirement is now Corebridge Financial. "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. Chicago-based Fitch placed its A- debt rating of AIG on "watch negative" on . 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. 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. Non-insurance products and services may be provided by independent third parties. The company's executive management team, with assistance from ind. Last October, management announced its intention to split the Life and Retirement business from AIG via an IPO of 19.9% of the unit. 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. An expert explains, DHS launches free telehealth service for COVID-19 treatment, Gov. AIG Life & Retirement, MetLife and Prudential US Operations: Liquidity Ample but Below . 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. Rest assured whether you see Corebridge or AIG you're in the right place. 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. 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. 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. Source: American International Group, Inc. AIG to Pursue Separation of Life & Retirement Business, https://www.businesswire.com/news/home/20201026005733/en/. 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. AIG expects to complete the first step of the separation in 2021, President and COO Peter Zaffino said during a third-quarter earnings call. American International Group, Inc. (AIG) is a leading global insurance organization. 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. Claire Talcott (Media): claire.talcott@aig.com, Internet Explorer presents a security risk. That amount is due to increase to . AIG Life & Retirement brings together a broad portfolio of protection, retirement savings, investment and lifetime income solutions to help people achieve financial and retirement security. 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. 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. As a result of this review, the board has decided to pursue a separation of the Life & Retirement business from AIG.

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