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AIG to separate life insurance arm from P&C business

Written by Adam Cadle
27/10/2020

AIG is to separate its life insurance arm from its larger property and casualty (P&C) business.

In a statement, AIG said “a simpler corporate structure will unlock significant value for shareholders”.

The life insurance and retirement services arm accounts for about one-third of revenue at AIG, which has a $27bn market capitalisation.

In separate news, AIG announced that Peter Zaffino, head of the P&C unit, would succeed Brian Duperreault, who has been group chief executive since May 2017.

Duperreault is set to become executive chairman, effective 1 March 2021.

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