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Home Feature Business Leaders

AIG Splits Life Insurance Business; Zaffino to Become Next CEO

The transitions were long anticipated and comes in the mid of direful losses of the company

The Global Economics by The Global Economics
October 27, 2020
in Insurance, Business Leaders, Trending
Reading Time: 1 min read
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AIG Splits Life Insurance Business; Zaffino to Become Next CEO

AIG Splits Life Insurance Business; Zaffino to Become Next CEO

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 On Monday, in the light of the UK’s Prudential Plans undergoing restructuring, the American International Group divulged two major changes: a change in leadership and split-up of Life & Retirement business into an independent company.

With a $27bn market capitalization, about one-third of revenue at #AIG is generated by the life insurance and retirement services unit. Four years ago, the company had shown resistance to the change when two activist investors- John Paulson and Carl Icahn had tried to force the latter change by taking large stakes in the company and briefly taking positions on the board.

These demands had come when the general insurance business was incurring losses and unable to sustain, and the life and retirement business was generating good revenue. Though no further details were announced how the break-up would be structured, it was announced by Mr. Duperreault that the break-up would follow a simpler corporate structure which will unlock significant value for stakeholders.

The company announced that Brian #Duperreault, 73-year-old, who has been group chief executive since May 2017 and would become executive chairman, and will be succeeded by Peter #Zaffino, the 53-year-old, head of the property and casualty insurance unit.

Under the leadership of Mr. Duperreault, the company’s profit soared and reached new heights in just a few years. Mr. Zaffino is now the favored candidate to take this seat and govern the business. It is going to be a challenge due to the current financial worries in the pandemic’s wake; the stocks being down by about 40% in the current year.

Tags: AIGDuperreaultZaffino
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