The board of administrators mentioned it was lucky to have Zaffino proceed his management of AIG for “at the very least the subsequent 5 years”, having witnessed firsthand his skill to show his strategic visions into measurable success.
“Under Peter’s management, AIG has delivered on formidable operational and monetary aims 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 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 revenue from normal insurance coverage within the third quarter of 2022 in comparison with $20 million the earlier yr 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 ‘difficult macro-economic surroundings’ 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 way in which we work and collaborate throughout the group,” he mentioned. “It is a privilege to steer AIG and our proficient group of colleagues, and I look ahead to persevering with to construct on our important momentum on our journey to develop into a high performing firm and market chief in every thing we do.”
AIG supplies property casualty insurance coverage, life insurance coverage, retirement options, and different monetary companies to clients throughout roughly 70 nations and jurisdictions.