Sunday, May 09, 2021 11:11:04 AM
May 07, 2021 American International Group, Inc.
By: Jerry Kronenberg, SA News Editor
Insurance giant AIG (NYSE:AIG) reiterated plans Friday to spin off nearly 20% of its Life & Retirement unit via an IPO, with CEO Peter Zaffino saying that M&A offers for the division proved to be inadequate.
“With respect to the separation of Life & Retirement from AIG, we continue to work diligently and with a sense of urgency towards an IPO of up to 19.9% of the business,” Zaffino said in the company’s Q1 earnings call. “We made significant progress on several fronts, including preparing stand-alone audited financials and having an independent party conduct a thorough actuarial review. No concerns have been raised about Life & Retirement’s portfolio as a result.”
The CEO added that as he’s previously disclosed, “we did receive a number of credible inquiries from parties interested in purchasing a minority stake in Life & Retirement and our investment-management group.
We conducted a robust evaluation of those opportunities to determine if they offered a better long-term outcome for our stakeholders, [but] we believe an IPO remains the optimal path forward.”
AIG first revealed plans last October to sell a stake in its Life & Retirement business, which sells consumers life insurance and retirement-savings products like annuities. The firm has previously said it will use proceeds from the initial public offering to pay down debt.
AIG shares rose 2% Friday to close at $51.19 on word of the IPO plan and news after Thursday’s close that the company beat analyst estimates on Q1 adjusted earnings per share and other metrics.
The insurance giant reported $1.05 in adjusted Q1 EPS, exceeding analysts’ 98-cents-per-share expectations and trouncing the 12 cents of adjusted EPS that AIG reported in the same period last year.
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Recent AIG News
- AIG names new CFO; Progyny Drops 24% After Losing Key 2025 Contract; Exicure Jumps 190% With Nasdaq Extension • IH Market News • 09/19/2024 10:26:48 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/18/2024 09:29:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/18/2024 09:06:20 PM
- AIG Appoints Keith Walsh Executive Vice President, Chief Financial Officer • Business Wire • 09/18/2024 08:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/16/2024 09:10:48 PM
- Form 25-NSE - Notification filed by national security exchange to report the removal from listing and registration of matured, redeemed or retired securities • Edgar (US Regulatory) • 09/16/2024 02:11:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/03/2024 08:44:53 PM
- AIG to Redeem Series A-3 Junior Subordinated Debentures • Business Wire • 09/03/2024 08:15:00 PM
- Form N-PX - Annual Report of proxy voting record of management investment companies • Edgar (US Regulatory) • 08/29/2024 08:51:29 PM
- AIG to Participate in the 2024 KBW Insurance Conference • Business Wire • 08/27/2024 08:16:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 08:26:12 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 08:18:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/07/2024 08:32:56 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/07/2024 08:15:04 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/01/2024 03:04:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2024 08:21:43 PM
- AIG Reports Exceptional Second Quarter 2024 Results • Business Wire • 07/31/2024 08:16:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:37:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:36:39 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/30/2024 06:51:17 PM
- Private Client Select Forms Exclusive Distribution Partnership with Ryan Specialty for Excess & Surplus Lines • Business Wire • 07/25/2024 10:05:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/16/2024 09:04:44 PM
- AIG Names Melissa Twiningdavis Executive Vice President, Chief Administrative Officer • Business Wire • 07/15/2024 12:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/11/2024 10:02:35 PM
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