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American International Group, Inc. - AIG STOCK NEWS

Welcome to our dedicated page for American International Group news (Ticker: AIG), a resource for investors and traders seeking the latest updates and insights on American International Group stock.

American International Group, Inc. (AIG) is a multinational finance and insurance corporation based in the USA, operating in over 80 countries and jurisdictions. Known globally for its extensive insurance and financial services, AIG offers a wide array of insurance products, including property, casualty, and life insurance, through its various subsidiaries. Despite recently spinning off its life insurance segment into Corebridge Financial, AIG retains a majority stake in it. AIG’s property/casualty insurance subsidiaries, collectively referred to as AIG PC, have been recognized for their strong balance sheet and improving underwriting performance, affirmed by the recent rating upgrades from AM Best. AIG PC continues to benefit from robust reinsurance support and positive pricing momentum across key business lines, making its operating metrics competitive among its peers. Recent financial results highlight AIG’s profitability and strategic progress, including significant capital management actions and the deconsolidation of Corebridge Financial, positioning AIG as a prominent leader in the global insurance market.

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AIG has appointed Christopher Schaper as permanent Chief Risk Officer, effective immediately, after serving in the role on an interim basis since September 2024. Schaper, who will report to CEO Peter Zaffino, will oversee AIG's global Enterprise Risk Management organization while temporarily maintaining his position as Global Chief Underwriting Officer until a successor is appointed. Schaper joined AIG in 2019 and became Global Chief Underwriting Officer in 2023, having previously served as CEO of AIG Re, Validus Re, and AlphaCat. His experience includes senior leadership roles at Marsh McLennan, Montpelier Re, Endurance Specialty Insurance, and GE Capital.

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Corebridge Financial (NYSE: CRBG) announced the pricing of a secondary offering by American International Group (AIG) at $31.20 per share. AIG is offering 30 million existing shares, representing approximately $936 million in gross proceeds, with an option for underwriters to purchase an additional 4.5 million shares within 30 days. The offering, expected to close on November 12, 2024, represents a portion of AIG's approximately 568 million total outstanding shares. J.P. Morgan and Morgan Stanley are serving as underwriters, with all net proceeds going to AIG.

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AIG has appointed Courtney Leimkuhler to its Board of Directors as an independent Director, effective November 5, 2024. Leimkuhler, co-founder and Managing Partner of venture fund Springbank, brings extensive experience from Goldman Sachs, NYSE Euronext, and MarshMcLennan. At NYSE Euronext, she served as Head of Corporate Strategy and M&A, helping transform the organization from nonprofit to a leading public exchange. She later served as CFO of Marsh, a global corporate insurance broker. Her expertise spans financial services, insurance, data analytics, and technology investments.

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AIG reported strong Q3 2024 results with General Insurance net premiums written of $6.4 billion, showing a 6% increase on a comparable basis. Global Commercial Lines achieved 7% growth with $4.5 billion in net premiums written, led by 11% growth in North America Commercial Lines. The company reported net income per diluted share of $0.71, while adjusted after-tax income per diluted share increased 18% to $1.23. Notable achievements include $1.1 billion in new business written, a combined ratio of 92.6%, and return of approximately $1.8 billion to shareholders through stock repurchases ($1.5 billion) and dividends ($254 million).

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AIG announced plans to consolidate and expand its Atlanta operations by relocating its Alpharetta and Buckhead facilities to a new innovation hub in Brookhaven, Georgia. The company will create more than 600 new local jobs over the next five years, focusing on roles in underwriting, claims, operations, data engineering, and AI. The 180,000-square-foot LEED Gold certified facility will triple AIG's current office space to accommodate over 1,000 colleagues. The new hub, planned to open in 2026, aims to incubate digital capabilities, test new processes, and enhance collaboration across functions to accelerate innovation and growth in AIG's core businesses.

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American International Group, Inc. (NYSE: AIG) has announced its plan to redeem all outstanding Zero Coupon Callable Notes Due 2047 on November 22, 2024. The redemption price will be 135.631% of the face amount of the Notes outstanding on the Redemption Date. As of October 21, 2024, the outstanding face amount of the Notes was $400,000,000.

AIG clarifies that this press release is not an official notice of redemption. Holders of the Notes should refer to the formal notice of redemption delivered by The Bank of New York Mellon, the trustee for the Notes. The company also notes that certain statements in the press release regarding the completion of the redemption are forward-looking statements.

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American International Group (NYSE: AIG) has announced it will release its third quarter 2024 financial results on Monday, November 4, 2024, after the market closes. The company will make its press release and financial supplement available on the Investors section of its website at https://www.aig.com.

Following the release, AIG will host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET to review the results. The public can access this live, listen-only webcast through the Investors section of AIG's website. A replay of the call will be made available at the same location after the event concludes.

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AIG has announced the appointment of Keith Walsh as Executive Vice President and Chief Financial Officer, effective October 21, 2024. Walsh, with over 25 years of finance leadership experience, will lead AIG's global Finance organization and join the Executive Leadership Team, reporting to CEO Peter Zaffino. He comes from Marsh McLennan, where he was CFO of Marsh, and previously headed Investor Relations. Walsh succeeds Sabra Purtill, who has served as CFO since January 2023 and will continue working on strategic projects and advise Walsh during the transition.

Zaffino expressed confidence in Walsh's financial expertise and investor experience in the insurance industry. Walsh, holding degrees from Albany-SUNY and NYU Stern, stated his eagerness to contribute to AIG's next phase of growth and industry leadership.

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American International Group, Inc. (NYSE: AIG) has announced its plan to redeem all outstanding Series A-3 Junior Subordinated Debentures on September 16, 2024. The redemption price will be 100% of the principal amount, plus accrued and unpaid interest up to, but not including, the redemption date. As of September 3, 2024, the outstanding aggregate principal amount of these debentures was €41,550,000. AIG clarifies that this announcement is not an official notice of redemption, and debenture holders should refer to the formal notice provided by The Bank of New York Mellon, the trustee for the debentures.

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AIG has announced its participation in the 2024 KBW Insurance Conference. Peter Zaffino, AIG's Chairman & CEO, will engage in a fireside chat on Wednesday, September 4, 2024, at 4:20 p.m. ET. This event presents an opportunity for investors and industry analysts to gain insights into AIG's strategies and outlook.

The company will provide a live audio webcast of the session, accessible through the Investors section of AIG's website. For those unable to attend or watch live, a replay will be made available on the same platform after the event. This participation underscores AIG's commitment to transparency and engagement with the investment community.

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FAQ

What is the current stock price of American International Group (AIG)?

The current stock price of American International Group (AIG) is $74.66 as of November 20, 2024.

What is the market cap of American International Group (AIG)?

The market cap of American International Group (AIG) is approximately 46.6B.

What does American International Group, Inc. (AIG) do?

AIG is a multinational finance and insurance corporation offering a wide array of insurance products, including property, casualty, and life insurance, through its subsidiaries.

In how many countries does AIG operate?

AIG operates in over 80 countries and jurisdictions around the world.

What recent strategic changes has AIG made?

AIG recently spun off its life insurance operations into Corebridge Financial, retaining a majority stake. It also executed several capital management actions and completed the deconsolidation of Corebridge Financial.

How has AIG's property/casualty segment been performing?

AIG's property/casualty segment has shown strong balance sheet strength and improving underwriting performance, benefiting from favorable business profiles and strong reinsurance support.

What recent financial achievements has AIG reported?

AIG reported significant profitability with improvements in underwriting income, strong investment income, and strategic capital management actions, including substantial share repurchases and debt reduction.

What are the credit ratings for AIG's property/casualty subsidiaries?

AM Best recently upgraded AIG's property/casualty subsidiaries' Long-Term Issuer Credit Ratings to 'a+' (Excellent) and affirmed the Financial Strength Rating of A (Excellent).

Who are some of AIG's major reinsurance partners?

AIG benefits from strong reinsurance support from highly rated reinsurers, which contributes to its robust capital position and operational stability.

What is the significance of AIG's restructuring initiatives?

AIG's restructuring initiatives, including the spin-off of Corebridge Financial, aim to streamline operations, enhance financial flexibility, and position the company for future growth and profitability.

How does AIG manage risk and pricing in its insurance products?

AIG employs numerous underwriting and risk management initiatives, along with positive pricing momentum across key business lines, to manage risk and ensure competitive and profitable product pricing.

What is AIG's approach to capital management?

AIG focuses on returning value to shareholders through share repurchases and dividends, managing financial debt, and executing strategic transactions to optimize its capital structure.

American International Group, Inc.

NYSE:AIG

AIG Rankings

AIG Stock Data

46.59B
622.19M
0.26%
94.1%
1.33%
Insurance - Diversified
Fire, Marine & Casualty Insurance
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United States of America
NEW YORK