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American International Group Inc. is committed to achieving the strategic goals announced in January in the next two years, according to the insurer's top executive.
“If one word defines AIG in 2016, it's 'focus',” said AIG President and CEO Peter Hancock during AIG's annual meeting in New York on Wednesday. During the meeting — which lasted fewer than 20 minutes — Mr. Hancock cited three milestones reached by the company in recent months: cutting the ranks of its top management by more than 20%, the announcement of its intention to sell its broker-dealer AIG Advisor Group Inc. and to make an initial public offering of its United Guaranty Corp. mortgage insurance unit in preparation for eventually separating it from AIG and unveiling a strategic plan for making AIG more efficient and providing a greater return for shareholders. In fact, the plan — which was announced in January — calls for returning at least $25 billion in capital to shareholders over the next two years.
“One of AIG's core values is that we have the courage to make difficult promises and the integrity to keep them,” said Mr. Hancock. “We will focus on areas where we are or can be leaders,” he said.
Several former American International Group Inc. executives have landed new roles within the insurance industry since the financially challenged insurer announced a management shake-up in December. AIG's executive shuffle followed repeated calls from Carl Icahn and other investors for AIG to split itself up.