AIG to Spin Off Life & Retirement, Names New CEO; Shares Jump By

© Reuters.

By Yasin Ebrahim – AIG soared in after-hours trade Monday after the insurance company detailed plans to separate its life & retirement business to streamline. The company also said current President Peter Zaffino will replace Brian Duperreault as chief executive, starting Mar. 1.

American International Group  (NYSE:) was up 8% in after-hours trade.

In a further corporate shakeup, the company appointed Duperreault as executive chairman and Douglas M. Steenland, currently independent chairman as lead independent director starting March 1, 2021.

The move followed a comprehensive review of the company’s current composite structure, including strategic, operational, capital and tax implications, AIG said. As an independent company, the life & retirement business will be “well positioned to build value for shareholders by leveraging a broad product portfolio and diverse distribution to tailor its offerings to best meet the evolving needs of customers and distributors.”

The proposed spin-off separation would require the backing of regulators, shareholders and AIG directors, the company added.


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