Variable Annuity Sales Rose: AIG
May 6, 2020 by Allison Bell
American International Group Inc. says its life and retirement unit had problems with stock market turmoil and widening credit spreads in the first quarter, but the sales of individual variable annuities were strong.
The New York-based multi-line insurance giant gave its view of the COVID-19 situation when it released its latest earnings.
Brian Duperreault, AIG’s chief executive officer, said Monday, in comments included in the company’s earnings announcement for the first quarter, that COVID-19 may be the single largest catastrophic loss that the insurance industry has ever seen.
But AIG was in a strong financial position before the crisis began, and it continues to be in a strong position, Duperreault said.