American International Group Inc. (AIG) has announced that Eric Andersen will succeed Peter Zaffino as chief executive officer of the New York-based global insurance company, effective June 1, 2026.
Andersen, who joined AIG in February as president and CEO-elect, will also take a seat on the company’s board of directors upon assuming the role. Zaffino, who has served as chairman and CEO, will transition to executive chair of the AIG board.
According to a news release, the moves complete a leadership succession plan that AIG had previously announced and signal continuity at one of the world’s largest insurance organizations, which operates in more than 200 countries and jurisdictions.
Andersen acknowledged his predecessor’s role in reshaping the company. “I want to express my appreciation and gratitude to Peter Zaffino for his tremendous leadership, tireless commitment, and contributions in transforming AIG and restoring the Company to its market leadership position,” Andersen said.
He added that conversations with clients and stakeholders since February had “further reinforced my excitement in working alongside our talented colleagues to build on AIG’s strong momentum.”
Zaffino, in turn, expressed confidence in his successor. “I want to congratulate Eric as he becomes CEO of AIG on June 1st,” Zaffino said. “I am very confident that Eric’s extensive insurance expertise, significant industry relationships, and strong focus on growth will serve AIG exceptionally well as the Company continues to execute against its strategic priorities.”
Zaffino also reflected on his tenure at the helm of AIG. “Serving as chairman and CEO of AIG has been an immense privilege, and I am very proud of the many milestones we achieved as a company during that period,” he said, crediting colleagues whose “deep technical expertise, ingenuity, and commitment to excellence” had positioned AIG as a recognized industry leader.
John Rice, the board’s lead independent director, offered an assessment of both executives. “During Peter’s tenure, AIG completed an unprecedented transformation and is now recognized once again as a leading global company with tremendous momentum and future opportunities,” Rice said. He added that Andersen had “immersed himself in the Company’s business and operations” since arriving in February and was “well prepared to assume the role of CEO.”
Both Zaffino and Andersen are expected to address the transition further during AIG’s first-quarter 2026 earnings conference call on May 1, 2026.
The transition comes as AIG wraps a strong financial year. The company closed fiscal year 2025 with a net profit of $3.1 billion, reversing a net loss of $1.4 billion in 2024, driven in part by a 22% improvement in underwriting results within its general insurance segment, which reached $2.3 billion. For the full year, adjusted after-tax income per diluted share increased 43% to $7.09, and the company returned $6.8 billion of capital to shareholders, including $5.8 billion in share repurchases and approximately $1.0 billion in dividends.
