American International Group to Divest Life-Insurance Business
October 28, 2020 by Leslie Scism
Insurance conglomerate American International Group Inc. AIG is taking steps to split off its life-insurance business into a separate company, leaving it to focus on property-casualty insurance, a separation it will make under the direction of a new chief executive.
In news releases late Monday afternoon, the New York company said current Chief Executive Brian Duperreault will hand over his title on March 1 to Peter Zaffino, the company’s president.
The hiving off of the life-and-retirement operations would be the latest dramatic change at a company that in the early 2000s was a financial-services behemoth with globe-straddling operations, including airplane leasing, a financial-derivatives business, and prosperous life-insurance units in far-flung locations.
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