These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The life and retirement business accounted for 34% of AIG's $49 billion in 2019 adjusted revenue, compared with 64% for its general insurance business, AIG said in September. There is no better place to network with the right people and solidify your business. Claire Talcott (Media): claire.talcott@aig.com, Internet Explorer presents a security risk. American International Group, Inc. (AIG) is a leading global insurance organization. The business consists of four operating segments - Individual Retirement, AIG Retirement Services, Life Insurance and Institutional Markets - and holds . AIG is moving ahead with plans for an initial public offering of its life and retirement (L&R) business in the first quarter next year, according to CEO Peter Zaffino. AIG announced Oct. 26 that it would take a restructuring step that had been suggested for years and separate the segment from its property and casualty business. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG. The company's executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the company's current . Rather than looking at a book value in financial stocks, an alternative. Life And Retirement. AIG's Directors are confident that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders." Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility Life Insurance adjusted pre-tax income of $134 million, increased $102 million from $32 million in the prior year quarter primarily reflecting favorable impacts from the annual actuarial assumption update, partially offset by unfavorable mortality. Associate General Counsel to AIG's Separation Management Office, overseen by the company's Executive Vice President, Global Head of AIG Enterprise Design and Life & Retirement Separation . Lincoln Financial Reports Strong Sales, Declining Income In 3Q, Fixed And Variable Annuity Sales Rise 6% In New 2Q Data, Find out how you can submit content for publishing on our website. The life and retirement business accounted for 34% of AIG's $49 billion in 2019 adjusted revenue compared to 64% for its general insurance business and 63% of its adjusted pretax income. Premiums and deposits increased 3%, or $236 million, from the prior year quarter to $7.2 billion due to the recovery from broad industry-wide sales disruption resulting from COVID-19 and the increase in pension risk transfer activity. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. AIG posted an underwriting income of $20 million in its general insurance business in the third quarter, compared with a $423 million loss a year earlier. All Rights Reserved. Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility through disciplined underwriting and expense control within a clearly defined risk appetite and comprehensive reinsurance strategy. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. Lets say you actually won the $1 billion Mega Millions jackpot. As per the AIG's board, a . The life and retirement unit, which sells. Certain property-casualty coverages may be provided by a surplus lines insurer. AIG shares were up nearly 8% in extended trading. "Today's announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company," said [] Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility through disciplined underwriting and expense control within a clearly defined risk appetite and comprehensive reinsurance strategy. There are many uses for them, L.inc Advisory annuity income benefit rider payout percentages increase, $1.2 billion Powerball lottery jackpot spurs hype, dreams, Resolution Life, Blackstone complete partnership agreement, Despite Katie Courics advice, doctors say ultrasound breast exams may not be needed, Why did Doctors Hospital bill two burn victims' insurance $38 million? AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. The separation of the business could take "a couple of years" and may be done in phases through sales of minority stakes, according to two people familiar with the matter. Sign up for free newsletters and get more CNBC delivered to your inbox. The details of the separation have yet to be ironed out. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG. This foundational work has positioned AIG to pursue a separation of Life & Retirement enabling both companies to prosper as stand-alone entities." The press release did not mention of how or when the separation will occur. AIG to Pursue Separation of Life & Retirement Business Posted on 10/26/2020 2300 American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement . AIG Life & Retirement is now Corebridge Financial. Zaffino, has been the point man to execute those goals, partly by reducing losses in the commercial property and casualty businesses and relying more on reinsurance while also modernizing technology and processes. Although no decisions have been made as to how to achieve a full separation, the Boards intent is to accomplish it in a way that maximizes shareholder value and establishes two independent, market leading companies. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG. SAFG Retirement Services, the parent of AIG life and. AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Get this delivered to your inbox, and more info about our products and services. Since then, the company has sold off big chunks to repay the debt plus a $22.7 billion return. AIG Life & Retirement brings together a broad portfolio of protection, retirement savings, investment and lifetime income solutions to help people achieve financial and retirement security. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. Since then, sale of AIG's housing portfolio and successful tax strategies means "we're no longer constrained in terms of how much of life and retirement we can sell," Zaffino said. Separation of the Life and Retirement business from AIG continued, with the sale of a 9.9% equity stake for $2.2 billion in cash recently completed and an IPO on track for 2022 v AIG provided the following details on its Life & Retirement performance: Life and Retirement reported adjusted pre-tax income of $877 million for the third quarter of 2021, down 13% from $1 billion in the prior year quarter. Zaffino will be AIG's seventh CEO since 2005. AIG believes it can "effectively manage any loss of diversification benefits" in AIG's capital model once the separation takes place. Shelley Singh (Investors): shelley.singh@aig.com About AIG Life & Retirement. NEW YORK, March 28, 2022 -- ( BUSINESS WIRE )--American International Group, Inc. (NYSE: AIG) today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of. This is another important milestone as our momentum continues toward the separation of our Life & Retirement business and future state of AIG. Blackstone will also enter a long-term asset management relationship with AIG to manage $50 billion, or about 25%, of life and retirement's investment portfolio. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. American International Group Inc.'s life and retirement business would likely be too large for one company to acquire in a sale, according to industry analysts. The companys executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the companys current composite structure, including strategic, operational, capital and tax implications. AIG executives bemoaned its Catastrophic (CAT) losses from several natural disasters. AIG Life and Retirement: Strong market positions; separation from AIG parent awaits. At the latest conference call, the company informed that. We want to hear from you. AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. Got a confidential news tip? Icahn, who wanted AIG to become a smaller, simpler company, demanded that AIG spin off its life insurance unit and now former mortgage insurance business. 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