CEO of AIG Duperreault says he wants a marked departure from predecessor
Chief executive of AIG Brian Duperreault wants acquisitions to boost the insurer’s worldwide customer base.
“I’d love to find great additions to the company. I think the important thing is that we look at companies that can make us better,” he said.
CEO of AIG Duperreault outlined his plan to reporters in an interview after the company’s annual general meeting in New York.
Last year, former boss Peter Hancock revealed a two-year plan to return $25bn in share buybacks by the end of the 2017.
So far the insurer has returned $18.1bn - but Duperreault says it’s likely he will slow the capital return and use the money for acquisitions.
“The likelihood we can continue the pace of share buybacks is low because there are other things I can use the money on,” Duperreault said.
“My job is to figure out what’s the best use of the capital and I want a balance.”
“I’d love to find great additions to the company. I think the important thing is that we look at companies that can make us better.”
AIG racked up an $849m loss last year. Hancock left the firm after a lack of shareholder support, with a feeling that his turnaround plan was taking too long.
Hancock came under immense pressure from legendary activist investor Carl Icahn, who argued the insurer was bloated and should be carved up into three: life, mortgages and general insurance - a structure which would require less regulatory capital and therefore bolster returns to shareholders.
Hancock fought off the splitting up of the business, but gave some ground by embarking on an investor-pleasing share buyback programme which Dupperreault wants to now slow down.