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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.
American International Group, Inc. (NYSE: AIG) will disclose its fourth-quarter and full-year financial results for the year ending December 31, 2022 after market close on February 15, 2023. The company's press release and financial supplements will be accessible on the AIG Investors website. AIG will host a conference call on February 16, 2023 at 8:30 a.m. ET to review these results, which will be available for public access via the same Investors section on their website.
American International Group (AIG) announced that Shane Fitzsimons, Chief Financial Officer, is taking a temporary medical leave of absence effective immediately. Mark Lyons, former CFO, has been appointed as the Interim CFO while retaining his role as Executive Vice President, Global Chief Actuary, and Head of Portfolio Management. AIG is a major global insurance organization offering a variety of insurance and financial services in approximately 70 countries.
American International Group (AIG) has appointed Don Bailey as the new Global Head of Distribution and Field Operations, effective immediately. He will report to Peter Zaffino, CEO. Zaffino emphasized the need to enhance AIG's value proposition in a rapidly evolving marketplace. Bailey, with over 30 years of experience in the insurance industry, previously held senior roles at Bristlecone Partners and Marsh. His appointment is seen as part of AIG’s strategy to deliver strong financial results and improve market relevance.
AM Best has upgraded the outlook for American International Group (AIG) to positive from stable for its Long-Term Issuer Credit Ratings (ICRs) while affirming its Financial Strength Rating (FSR) of A (Excellent). AIG's property/casualty subsidiaries received a positive outlook due to strong balance sheet strength and improving underwriting performance. Meanwhile, AIG's Life & Retirement Group retains stable ratings, supported by strong operating performance. However, both segments face challenges, including competitive pressures and execution risks related to recent organizational changes.
AIG (NYSE: AIG) has secured a new employment agreement with Peter Zaffino, continuing his role as President & CEO through November 10, 2027. The AIG Board expresses confidence in Zaffino's leadership, emphasizing his success in implementing transformational strategies that drive operational and financial objectives. Zaffino highlighted AIG's recent turnaround efforts aimed at enhancing performance and value for stakeholders. Further details can be found in AIG's Form 8-K submitted to the U.S. Securities and Exchange Commission.
American International Group (NYSE: AIG) has announced the election of Paola Bergamaschi as a director effective
AIG reported strong financial results for Q3 2022, with a net income of $2.7 billion ($3.50 per diluted share), up from $1.7 billion in Q3 2021. The company successfully completed the IPO of Corebridge Financial, generating approximately $1.7 billion. General Insurance shows a combined ratio improvement to 97.3%, and Life and Retirement saw sales rise to $8.9 billion, a 23% increase year-over-year. However, adjusted after-tax income decreased to $0.66 per share due to lower investment income, reflecting challenging economic conditions.
American International Group, Inc. (NYSE: AIG) will disclose its third-quarter financial results on November 1, 2022, after market closure. This announcement will be accessible via the Investors section of their website. A conference call to discuss the results is scheduled for November 2, 2022, at 8:30 a.m. ET, available for public listening. AIG operates globally in the insurance sector, offering a range of services across 70 countries.
American International Group, Inc. (NYSE: AIG) has announced the redemption of various notes totaling $2.25 billion. The company will redeem $750 million of its 3.900% Notes Due 2026, all of its 3.750% Notes Due 2025, and $500 million of its 2.500% Notes Due 2025 on October 24, 2022. The redemption price will include accrued interest up to the redemption date. As of September 22, 2022, the outstanding amounts for the notes were $1.5 billion for the 3.900% Notes, $1.5 billion for the 2.500% Notes, and approximately $521.78 million for the 3.750% Notes.
American International Group (AIG) announced the successful closing of its initial public offering (IPO) for Corebridge Financial (CRBG), raising approximately USD 1.7 billion before deductions. Corebridge's shares began trading on the New York Stock Exchange on September 15. J.P. Morgan, Morgan Stanley, and Piper Sandler served as lead bookrunners for the offering. The IPO registration was effective on September 14, 2022, with the final prospectus available from securing institutions. The funds raised aim to fortify AIG's financial standing and support Corebridge's growth in retirement solutions.
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