American International Group, Inc. - AIG STOCK NEWS

AIG Retirement Services and EVERFI released a survey of over 20,000 college students, revealing that despite the challenges of the COVID-19 pandemic, students remain optimistic about their financial futures. 58% feel confident about managing personal finances, with 39% not expecting the pandemic to affect their job search. Notably, 17% anticipate earning >$85,000 in their first job. However, 32% report increased financial stress on their families and 48% rely on credit cards, indicating potential future financial difficulties.

American International Group (NYSE:AIG) has initiated cash tender offers for various series of notes issued by American General Corporation and SunAmerica Inc. These offers aim to retire legacy debt and amend covenants as AIG prepares to separate its Life & Retirement business. The tender offers include several series of subordinated debentures and notes, with deadlines for early tendering set for May 24, 2021, and expiration on June 8, 2021. Amendments will require majority consent from note holders. The transactions are structured to optimize AIG's debt management as part of its business strategy.

American International Group (NYSE: AIG) reported a robust performance for Q1 2021, with net income attributable to common shareholders at $3.9 billion, or $4.41 per diluted share, up from $1.7 billion, or $1.98 per share a year prior. General Insurance saw strong growth in net premiums and improved underwriting income, yielding a combined ratio of 98.8. Life and Retirement also performed well with a 46% increase in net investment income, totaling $3.7 billion. AIG repurchased $362 million in stock and maintained a liquidity of $7.9 billion. A quarterly dividend of $0.32 per share was declared.

American International Group (AIG) will announce its financial results for Q1 2021 on May 6, 2021, after market close. The results and financial supplement will be accessible in the Investors section of AIG’s website. AIG will also conduct a conference call on May 7, 2021, at 8:30 a.m. ET to discuss the results, with a replay available afterward. AIG operates globally, offering various insurance products and financial services across 80 countries, focusing on asset protection and risk management.

AIG Retirement Services launched an enhanced mobile enrollment experience for retirement plans, focusing on ease of use for employees. The new mobile app eliminates paperwork, streamlines enrollment with pre-filled information, and incorporates multi-factor authentication for security. Employees can enroll anytime via their mobile devices, a feature praised by AIG's VP for Client Experience, Scott Witter. Additionally, employers can access various educational tools to promote financial wellness among employees. AIG Retirement Services manages over $100 billion in assets for approximately 1.8 million participants.

American International Group (NYSE: AIG) has appointed Claude E. Wade as Executive Vice President and Chief Digital Officer, effective Q2 2021. Reporting to CEO Peter Zaffino, Wade aims to enhance client experience and operational excellence. With over 30 years of experience in operational strategy and innovation, Wade previously led client experience initiatives at BlackRock and has significant insurance industry expertise. This strategic hire aligns with AIG's commitment to investing in technology and talent to drive profitable growth and improve client retention.

AIG Life & Retirement introduces a new protected lifetime income benefit for its Power Series of Index Annuities. The Lifetime Income Choice benefit provides two options—Max Income and Level Income—to cater to different retirement income needs. Max Income can yield high initial withdrawal rates of up to 7.25%, while Level Income ensures a steady income stream. Both options guarantee income growth during accumulation. This product aims to offer flexibility and security in retirement planning, with protection against market downturns.

American International Group (NYSE: AIG) has appointed Lisa M. Buckingham as Executive Vice President and Global Head of AIG Enterprise Design and Life & Retirement Separation Initiatives, starting April 2021. Buckingham, with over 30 years in corporate management, previously served at Lincoln Financial Group. AIG aims to separate its Life & Retirement business through an IPO or sale of up to 19.9 percent, and Buckingham's expertise is expected to facilitate this transformation. AIG continues to provide a wide range of insurance and financial services globally.

American International Group (AIG) has elected James Cole, Jr. as a new Director, effective March 15, 2021. Cole, 52, is currently the CEO of The Jasco Group and has significant experience in business and public policy. He previously served as Deputy Secretary of Education under President Obama and has a strong background in Mergers & Acquisitions from Wachtell, Lipton, Rosen & Katz. AIG's leadership believes Cole will bring valuable insights as the company continues to navigate challenges and pursue growth.