American International Group (AIG) has announced that it is no longer in the “rehabilitation phase,” with CEO Peter Zaffino outlining the company’s focus on growth during the 2024 KBW Insurance Conference. After facing a significant loss of $4.7 billion primarily due to the deconsolidation of CoreBridge Financial, Zaffino expressed optimism about AIG’s future prospects, particularly in excess and surplus (E&S) markets and generative artificial intelligence. He noted improved retention rates and robust activities within the E&S sector, which are critical for AIG’s strategy moving forward. AIG is emphasizing disciplined underwriting while exploring new growth avenues, including its high-net-worth and cyber insurance segments, while managing exposure through reinsurance.
