AIG Announces Plan to Spin-off Life and Retirement Units
On October 26, 2020, American International Group (AIG) announced a plan to separate its Life and Retirement business from the remainder of the AIG organization, while AIG also announced that Peter Zaffino, AIG’s current President, will become AIG’s Chief Executive officer in March 2021 (succeeding Brian Duperreault). AIG is a major provider of individual life insurance and annuities in the U.S., through subsidiaries American General Life Insurance Company (AGL), United States Life Insurance Company in the City of New York (USLNY), and Variable Annuity Life Insurance Company (VALIC).