Peter Zaffino will be American International Group (AIG)’s CEO for at least the next five years.
The global insurer announced on Thursday (Nov 11) that it had reached a mutual agreement with its current president, CEO, and chairman of the board Zaffino to employ him for the next five years, through November 10, 2027.
The board of directors said it was fortunate to have Zaffino continue his leadership of AIG for “at least the next five years”, having witnessed firsthand his ability to turn 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,” said John Rice on behalf of the board in a statement from AIG.
Zaffino agreed that AIG’s team had managed a complex ‘turnaround’ of AIG’s performance over the last few years while he was at the helm, including a reported $168 million underwriting income from general insurance in the third quarter of 2022 compared to $20 million the previous year and the initial public offering (IPO) of Corebridge Financial, the holding company of AIG’s life and retirement business.
Zaffino had stressed that the organization’s third-quarter (Q3) results were even more impressive when viewed in the context of the ‘challenging macro-economic environment’ and hurricane Ian, one of the largest insured-loss hurricanes in US history.
“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 said. “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 provides property casualty insurance, life insurance, retirement solutions, and other financial services to customers across approximately 70 countries and jurisdictions.