American International Group Inc. (AIG) has confirmed that Eric Andersen will take on the roles of President and Chief Executive Officer effective June 1, 2026, while Peter Zaffino will transition to Executive Chair of the Board. The change follows a succession plan announced in January 2026 and a CEO‑elect appointment in February 2026, underscoring AIG’s commitment to a smooth leadership transition.
Andersen, who joined AIG in February as President and CEO‑Elect, previously served as a senior executive at insurance broker Aon, where he led commercial and specialty underwriting and risk‑management initiatives. He said, ‘I am honored to serve as AIG's next Chief Executive Officer and want to thank Peter and the AIG Board of Directors for the opportunity to lead this iconic company. Since joining AIG in February as President and CEO‑Elect, I have had the opportunity to engage with our valued clients and stakeholders around the world. These conversations have further reinforced my excitement in working alongside our talented colleagues to build on AIG's strong momentum and deliver on the strategic priorities the Company announced at our 2025 Investor Day.’
Zaffino, who has been CEO of AIG since March 2021, will become Executive Chair. He added, ‘Serving as Chairman and CEO of AIG has been an immense privilege, and I am very proud of the many milestones we achieved as a company during that period. I am incredibly grateful for the dedication and teamwork of our world‑class colleagues, whose deep technical expertise, ingenuity and commitment to excellence have positioned AIG as an industry leader recognized globally for its strategic, financial and operational strength. In my new role as Executive Chair, I look forward to continuing to work with the AIG Board of Directors and Eric to advance AIG's strategy in the future.’
The transition comes after a period of significant transformation, including the spin‑off of AIG’s life‑insurance operations into Corebridge Financial and a renewed focus on core commercial and specialty insurance. AIG’s market capitalization sits around $40.2 billion, with a price‑to‑earnings ratio of roughly 13.9 and a dividend yield of 2.4 %. Recent analyst adjustments have seen JPMorgan lower its target to $86 from $97, Bank of America to $79 from $80, Mizuho to $84 from $86, and Barclays to $78 from $79.
Zaffino praised Andersen’s credentials, saying, ‘I want to congratulate Eric as he becomes CEO of AIG on June 1st. I am very confident that Eric's extensive insurance expertise, significant industry relationships and strong focus on growth will serve AIG exceptionally well as the Company continues to execute against its strategic priorities.’ John Rice, Lead Independent Director, added, ‘During Peter's tenure, AIG completed an unprecedented transformation and is now recognized once again as a leading global company with tremendous momentum and future opportunities. Since joining AIG in February, Eric has immersed himself in the Company's business and operations, and he is well prepared to assume the role of CEO.’
With Andersen at the helm, AIG aims to build on the momentum generated by its transformation and the Corebridge spin‑off, while Zaffino’s continued oversight as Executive Chair is expected to provide strategic continuity. The leadership change is viewed as a reinforcement of AIG’s long‑term strategy rather than a shift in direction, positioning the company to pursue growth opportunities in its core insurance businesses.
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