American international organization Inc., that's shrinking
underneath strain from activist traders, is committed to keeping operations in
each life coverage and property/casualty coverage, Chairman Doug Steenland
said.
“We continue to be of the view that this is the right
lengthy-time period role for AIG,” Steenland said Wednesday at the employer’s
annual assembly in ny. “although, the particular additives of what’s in each of
these businesses may change.”
Billionaire Carl Icahn stated final year that AIG is simply
too large and ought to cut up into separate businesses. leader executive
Officer Peter Hancock as an alternative is promoting smaller devices as part of
a plan to free up $25 billion in capital to be lower back to shareholders over
two years. That has helped ease tension with activists which includes John
Paulson, who changed into elected to the insurer’s board Wednesday together
with a representative of Icahn’s company.
Hancock reached a deal in January to sell a dealer-provider
operation, and AIG’s mortgage insurance unit filed in March for an preliminary
public providing. The CEO has also been reducing jobs.
“this is difficult and from time to time painful paintings,”
he said on the meeting. “we've a great deal left to accomplish.”
AIG advanced 14 cents to $56.forty nine at 12:15 p.m. in the big apple. That compares
with the closing price of $60.92 on Oct. 27, the day before Icahn disclosed a
stake within the insurer and publicly known as on Hancock to break up the
agency.
No comments:
Post a Comment