NEW YORK--(BUSINESS WIRE)--Sep. 25, 2017--
American International Group, Inc. (NYSE:AIG) announced today that it is
planning to make changes to its organizational structure.
Brian Duperreault, AIG's President and Chief Executive Officer, said:
“These changes are designed to best position AIG for the future, as a
growing, profitable leader in the insurance industry that is famous for
its underwriting excellence. We believe this structure will maximize our
global platform by empowering our local geographies, and provide our
businesses with the greatest competitive advantage and ability to serve
our clients.”
The company will no longer have Commercial and Consumer segments, and
will transition to: General Insurance, led by Peter Zaffino, as CEO;
Life & Retirement, led by Kevin Hogan, CEO; and a stand-alone,
technology-enabled platform, led by Seraina Macia, CEO.
General Insurance and Life & Retirement will each have distinct business
units that reflect how business is marketed and underwritten. General
Insurance will include Commercial, Personal Insurance, and U.S. and
international field operations. Life & Retirement will include Group
Retirement, Individual Retirement, Life, and Institutional Markets.
The company expects that its year-end financial reporting will reflect
the new structure. AIG also intends to align its incentive and
performance management systems accordingly.
As a result of the structure changes, Rob Schimek, CEO of Commercial,
will be leaving the company at the end of October to pursue other
interests.
Mr. Duperreault said, “I would like to thank Rob for his many
contributions to AIG over his 12 years with the company. He has been a
valued member of the leadership team, and a great colleague and friend
to many. We wish him all the very best with his next endeavor.”
Certain statements in this press release constitute forward-looking
statements. These statements are not historical facts but instead
represent only AIG’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside AIG’s control. It is
possible that actual results will differ, possibly materially, from the
anticipated results contemplated by these statements. Factors that could
cause actual results to differ, possibly materially, from those in the
forward-looking statements are discussed throughout AIG’s periodic
filings with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934.
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today AIG member companies provide a wide
range of property casualty insurance, life insurance, retirement
products, and other financial services to customers in more than 80
countries and jurisdictions. These diverse offerings include products
and services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. AIG’s core businesses
include Commercial Insurance and Consumer Insurance, as well as Other
Operations. Commercial Insurance comprises two modules – Liability and
Financial Lines, and Property and Special Risks. Consumer Insurance
comprises four modules – Individual Retirement, Group Retirement, Life
Insurance and Personal Insurance. AIG common stock is listed on the New
York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance www.twitter.com/AIGinsurance
| LinkedIn: www.linkedin.com/company/aig.
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.
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.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170925005616/en/
Source: American International Group, Inc.
American International Group, Inc.
Investors
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media
Samantha
Ebinger, 212-770-8433
samantha.ebinger@aig.com