American International Group, Inc. - AIG STOCK NEWS

American International Group, Inc. (AIG) has launched the Lexington Middle Market Casualty team, aimed at providing insurance coverage to small-to-medium-sized commercial enterprises. This new team, led by Paul McLaughlin, will cater to businesses with annual premiums ranging from $7,500 to $75,000, enhancing AIG's market reach in the SME sector. The initiative aligns with AIG's strategy to tap into the significant U.S. private sector GDP represented by SMEs and aims to offer tailored coverage in industries such as construction, manufacturing, and real estate.

American International Group, Inc. (NYSE: AIG) has launched the initial public offering (IPO) of its majority-owned subsidiary, Corebridge Financial, Inc. AIG is offering 80 million shares at an expected price of USD 21 to USD 24 per share, with an additional 12 million shares available for underwriters. All proceeds will go to AIG. Corebridge will trade under the ticker 'CRBG' on the New York Stock Exchange. J.P. Morgan, Morgan Stanley, and Piper Sandler are leading the offering. The registration statement has been filed but is not yet effective.

American International Group (AIG) announced that Peter Zaffino, AIG Chairman & Chief Executive Officer, will participate in a fireside chat at the 2022 Keefe, Bruyette & Woods Insurance Conference on Sept. 7, 2022, at 4:20 p.m. ET. An audio webcast will be available on AIG’s website, with a replay accessible afterward.

AIG is a global insurance organization providing diverse insurance and financial services in approximately 70 countries. For more information, visit www.aig.com.

American International Group, Inc. (NYSE: AIG) announced that its subsidiary, Corebridge Financial, issued $1.0 billion of 6.875% Junior Subordinated Notes due 2052. The proceeds will partially repay a remaining $1.9 billion of an $8.3 billion promissory note owed to AIG. Additionally, the commitment under a 3-Year Delayed Draw Term Loan Agreement will be reduced from $2.5 billion to $1.5 billion. The offering was made only to qualified institutional buyers under Rule 144A, and future separation transactions are uncertain and dependent on regulatory approvals.

American International Group, Inc. (NYSE: AIG) has appointed Alan Colberg and Trish Walsh to the Board of Directors of Corebridge Financial, Inc., effective September 1, 2022. Colberg, a retired CEO from Assurant, brings extensive industry experience, having led various roles for over a decade. Walsh, currently Chief Legal Officer at Stripe, previously served as Chief Legal Officer at Voya Financial. These appointments are aimed at strengthening Corebridge’s governance as it prepares for a potential standalone launch.

AIG reported strong financial results for Q2 2022, highlighting a net income of $3.0 billion or $3.78 per diluted share, a significant increase from $0.11 per share a year ago. The General Insurance sector achieved a combined ratio of 87.4%, its first sub-90 ratio in over 15 years, with underwriting income up 73%. Life and Retirement reported $563 million in adjusted pre-tax income, though down from $1.1 billion last year, impacted by lower investment income. AIG repurchased $1.7 billion in shares and declared a dividend of $0.32 per common share, payable on September 30, 2022.

American International Group (AIG) has appointed Charlie Fry as Executive Vice President, Reinsurance Purchasing and Risk Capital Optimization, effective July 31. Fry will oversee AIG’s reinsurance purchasing strategy and capital allocation in its property casualty sector. CEO Peter Zaffino emphasized the importance of reinsurance in AIG's transformation into a top-performing company, citing Fry's previous contributions to the firm. Fry has extensive experience, having previously served as CEO of Acacia Holdings and held significant positions at various insurance firms.

American International Group (AIG) will announce its second-quarter financial results for the period ending June 30, 2022, after the market closes on August 8, 2022. AIG's press release and financial supplement will be accessible in the Investors section of its website. AIG will also conduct a conference call on August 9, 2022, at 8:30 a.m. ET to discuss the results, with a replay available afterward. AIG operates globally, offering a wide range of insurance products and services in approximately 70 countries.

American International Group (NYSE: AIG) has been named one of the 50 most community-minded companies in the United States by Points of Light. This recognition highlights AIG's commitment to corporate citizenship, evidenced by its substantial contributions, including over $25 million to nonprofits and more than 20,700 volunteer hours in 2021. AIG's Global Corporate Citizenship team focuses on strategic community engagement, leveraging employee skills and resources to create a significant social impact, affirming their dedication to long-term sustainability.