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.
American International Group (AIG) announced the appointment of Gordon Browne as Global Head of Specialty, effective June 11, 2024. Browne will report to Jon Hancock, EVP and CEO of International Insurance, and will join the leadership team of the International Insurance unit. Browne comes from Allianz, where he served as Global Head of Specialty since April 2023. Browne will oversee AIG's global strategy for its Specialty businesses, including Marine, Aviation, Credit Lines, and Energy & Construction. With over 20 years of experience, Browne previously held several senior roles at AIG, including Global Head of Energy & Construction and Head of North America Specialty.
American International Group (AIG) announced that its Chairman and CEO, Peter Zaffino, will participate in a fireside chat at Bernstein’s 40th Annual Strategic Decisions Conference. The event is set for May 29, 2024, at 11:00 a.m. ET. A live audio webcast will be available on AIG’s Investor section of their website, with a replay accessible afterward.
AIG has announced an agreement to sell 120 million shares of Corebridge common stock to Nippon Life for $31.47 per share, totaling $3.8 billion. This represents a 20% ownership stake in Corebridge. AIG will retain a 9.9% stake for two years post-closing. The transaction is expected to close by Q1 2025, pending regulatory approvals. Nippon Life's investment is seen as a strategic partnership, adding value to Corebridge. Legal counsel for AIG was Wachtell, Lipton, Rosen & Katz, with J.P. Morgan Securities as financial advisor.
AIG reported strong first quarter 2024 results with net income per diluted share of $1.74 and adjusted after-tax income per diluted share of $1.77. General Insurance underwriting income increased 19% year-over-year to $596 million. AIG executed nearly $3 billion in capital management actions, returning $2.4 billion to shareholders, and declared a cash dividend increase. The company's adjusted ROCE was 9.3% for the quarter. AIG plans to continue building momentum through AIG Next and Corebridge deconsolidation.
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