Investment Thesis
AIG is simplifying into a leaner P&C insurer plus high-quality life/retirement business (Corebridge). Underwriting improvements and Corebridge monetization focus on boosting ROE.
- Underwriting Turnaround: Risk selection and reinsurance reduce catastrophe volatility.
- Life & Retirement IPO: Corebridge monetization unlocks value and capital.
- Capital Flexibility: Excess capital directed to buybacks and debt reduction.