American International Group (NYSE:AIG) is set to spin off its mortgage insurance business, Reuters reported on Friday, citing people familiar with the plans. AIG will probably discuss the move on Tuesday, with the company likely pursuing a partial spin off in which investors get some shares and the rest will be kept by AIG, Reuters said. The news agency added that the move might not appease activist investor Carl Icahn, who wants AIG to split into three businesses. AIG was flat after hours following a 1.9% advance during the regular session.
The stock increased 1.88% or $1.04 on January 22, hitting $56.35. About 9.54 million shares traded hands. American International Group Inc (NYSE:AIG) has declined 10.59% since June 17, 2015 and is downtrending. It has outperformed by 0.43% the S&P500.
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally. The companyÂ’s Commercial Insurance segment offers general liability, commercial automobile liability, workers’ compensation, excess casualty, and crisis management causality insurance products; commercial, industrial, and energy-related property insurance products; aerospace, environmental, political risk, trade credit, surety, and marine insurance products, as well as various insurance products for small and medium sized enterprises; and professional liability insurance products for a range of businesses and risks. It also provides mortgage guaranty insurance; stable value wrap products, and structured settlement and terminal funding annuities; and corporate- and bank-owned life insurance and guaranteed investment contracts.
This segment sells its products through independent retail and wholesale brokers, agency network, specialized marketing and consulting firms, and structured settlement brokers. Its Consumer Insurance segment offers retirement products, such as fixed annuities, and immediate and deferred income annuities; variable and fixed index annuities; investment-focused variable annuities; group retirement products; and retail mutual funds and advisory services. This segmentÂ’s products also include term and whole life, supplemental health, cancer, critical illness, and personal accidental insurance products; travel insurance products and services; automobile and homeowners, and extended warranty insurance; and identity theft and credit card protection insurance products. It sells its products through banks, broker-dealers, independent marking organizations, financial advisors, affinity partners, independent insurance agents, career agents, brokers, and direct marketing and partner organizations. It was founded in 1919 and is based in New York, New York.
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