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The board of administrators mentioned it was lucky to have Zaffino proceed his management of AIG for “a minimum of the following 5 years”, having witnessed firsthand his means to show his strategic visions into measurable success.
“Underneath Peter’s management, AIG has delivered on formidable operational and monetary goals and is well-positioned to proceed to drive long-term worth for the corporate’s shareholders and different stakeholders,” mentioned John Rice on behalf of the board in an announcement from AIG.
Zaffino agreed that AIG’s group had managed a fancy ‘turnaround’ of AIG’s efficiency over the previous few years whereas he was on the helm, together with a reported $168 million underwriting earnings from normal insurance coverage within the third quarter of 2022 in comparison with $20 million the earlier 12 months and the preliminary public providing (IPO) of Corebridge Monetary, the holding firm of AIG’s life and retirement enterprise.
Zaffino had careworn that the group’s third-quarter (Q3) outcomes had been much more spectacular when considered within the context of the ‘difficult macro-economic atmosphere’ and hurricane Ian, one of many largest insured-loss hurricanes in US historical past.
“We instilled a tradition of underwriting and working excellence, dramatically modified our threat tolerance, and remodeled the best way we work and collaborate throughout the group,” he mentioned. “It’s a privilege to guide AIG and our gifted group of colleagues, and I look ahead to persevering with to construct on our vital momentum on our journey to change into a prime performing firm and market chief in every thing we do.”
AIG offers property casualty insurance coverage, life insurance coverage, retirement options, and different monetary providers to prospects throughout roughly 70 international locations and jurisdictions.
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