AIG announces new CEO to take over from Brian Duperreault

AIG will separate out life and general insurance, triggering shares to climb as high as 8% up yesterday. 

Life and retirement makes up 39% of AIG’s $39bn revenues, with general insurance comprising the rest. 

President Peter Zaffino, who succeeds 73-year-old current chief executive Brian Duperreault, will take charge in March.

Zaffino will be AIG’s seventh CEO since 2005.

The separation could take a couple of years, according to sources reported in Reuters