AIG announces restructuring of its businesses and new CEO
AIG announced that the company is going to separate the life and retirement business from the rest of the company. AIG also Appointed Peter Zaffino as CEO, effective next year. AIG share increases by 8% in extended trading.
AIG is among the top 10 U.S companies by market value still hasn`t announced any plan of how to carry out the separation and establishing of two companies. It can take a couple of years to separate the businesses.
AIG said in September that the life and retirement business carried 34% value of AIG’s $49 billion in 2019 adjusted revenue, compared with 64% for its general insurance business.
Duperreault is behind this move is, who took charge of AIG in 2017. Duperreault focused on investing in technology, cutting costs and restoring talent.
Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. Zaffino will be AIG’s seventh CEO since 2005.
The New CEO Zaffino who is 53 years old will take charge from Duperreault in March 2021. Zaffino joined AIG in 2017 as Global chief operating officer and his appointment as a president was widely expected. Zaffino can achieve the above-mentioned goals by reducing losses and relying more on reinsurance.
It is important to note that in May 2019, AIG announced its first general insurance underwriting profitsince the global financial crisis back in 2008 when AIG was bailed out by $182 billion of U.S taxpayers’ money.
On Monday, shares of American International Group, Inc. (NYSE:AIG) marked $31.26 per share versus a previous $32.38 closing price. With having a -3.46% loss, an insight into the fundamental values of American International Group, Inc., investors would also find a great ally in the technical patterns of the stock movements showed in stock charts.
AIG showed a fall of -39.10% within its YTD performance, with highs and lows between $16.07 – $56.42 during the period of 52 weeks, compared to the simple moving average of -4.34% in the period of the last 200 days.