The board of administrators stated it was lucky to have Zaffino proceed his management of AIG for “at least the next five years”, having witnessed firsthand his potential to show his strategic visions into measurable success.
“Under Peter’s leadership, AIG has delivered on ambitious operational and financial objectives and is well-positioned to continue to drive long-term value for the company’s shareholders and other stakeholders,” stated John Rice on behalf of the board in a press release from AIG.
Zaffino agreed that AIG’s group had managed a posh ‘turnaround’ of AIG’s efficiency over the previous couple of 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 Financial, the holding firm of AIG’s life and retirement enterprise.
Zaffino had careworn that the group’s third-quarter (Q3) outcomes have been much more spectacular when considered within the context of the ‘challenging macro-economic environment’ and hurricane Ian, one of many largest insured-loss hurricanes in US historical past.
“We instilled a culture of underwriting and operating excellence, dramatically changed our risk tolerance, and transformed the way we work and collaborate across the organization,” he stated. “It is a privilege to lead AIG and our talented group of colleagues, and I look forward to continuing to build on our significant momentum on our journey to become a top performing company and market leader in everything we do.”
AIG supplies property casualty insurance coverage, life insurance coverage, retirement options, and different monetary companies to prospects throughout roughly 70 nations and jurisdictions.