What is AIG's Strategy for CEO Peter Zaffino’s Departure?

Since becoming CEO of AIG in March 2021, Peter Zaffino has led the company through a significant transformation, delivering five consecutive years of underwriting profitability after years of substantial underwriting losses. 

To combat these losses, AIG hired hundreds of experienced underwriters, implemented a strategic reinsurance programme from the ground up and redeveloped its underwriting policy – placing greater focus on ensuring risk selection and capacity deployment closely aligned with profitability. 

These measures helped return AIG to a position of market leadership and significantly improved its financial strength. 

Last year, the company announced that general insurance underwriting income had grown 81% from the prior year to US$793m, and adjusted after-tax income per diluted share was up 77% year-over-year. 

After leading AIG through this period of transformation and strategic repositioning since 2021, Peter plans to transition to Executive Chair of AIG by mid-2026. 

AIG has announced that Eric Andersen, member of the Aon Executive Committee, will be joining as President and CEO-elect of AIG, effective February 16 2026. He will report to Peter and is expected to assume the role of CEO and join the Board of Directors after June 1 2026.

John Rice, Lead Independent Director, AIG, says: “On behalf of the Board of Directors, I want to express our deepest gratitude to Peter for his extraordinary leadership and unwavering commitment to AIG. 

“Peter’s vision, tireless dedication and laser-focused execution have fundamentally reshaped AIG, restoring its reputation as a global leader and delivering outstanding value for clients, colleagues and shareholders.

“As we onboard Eric, we are grateful to benefit from Peter’s continued leadership as CEO, and then as Executive Chair, where he will continue to drive AIG’s future-focused digital and data initiatives and strategic relationships.”

Leading growth at AIG

During Peter’s tenure as CEO, AIG has divested non-core business and modernised its end-to-end operations and technology infrastructure with the strategic implementation of Gen AI to provide better insight and enable growth. 

Thanks to strategic initiatives such as these, AIG has delivered a strong performance year on year. The company has returned more than US$19bn in stock repurchases and dividends to shareholders during the past three years while solidifying its base for sustainable and profitable growth. 

Peter says: “I am incredibly proud of our colleagues and the extraordinary progress we have delivered during my tenure to make AIG a top industry performer. With significant support from the AIG Board of Directors, we have returned AIG to vastly improved profitability, significantly strengthened our balance sheet and built tremendous financial flexibility. 

“These efforts have resulted in exceptional strategic, operational and financial performance, underpinned by our disciplined culture of underwriting excellence. From this position of strength, I am confident that now is the appropriate time to begin to transition leadership of the company.” 

Who is Eric Andersen, AIG’s incoming CEO?

Eric is joining AIG from Aon, where he has held senior leadership roles including President of Aon, CEO of reinsurance intermediary Aon Benfield and CEO of Aon Risk Solutions Americas. 

During his time as President of Aon from 2020 to 2025, he grew the company's market value from $US35bn to $US85bn. 

Commenting on his appointment, Eric says: “I am honoured by the trust the Board has placed in me and energised by the opportunity to serve as AIG’s President and CEO-elect. AIG is an iconic company with a strong foundation and strategically well-positioned for the future. 

“I look forward to partnering with Peter, the Board and AIG’s talented colleagues around the world to build on the momentum that has been established and to deliver for our clients, partners and shareholders.”

Peter says: “We could not have chosen a better person than Eric Andersen to steward the company’s next chapter. Eric is an incredibly accomplished and widely respected insurance executive, and we have worked together closely during my tenure at AIG. 

“Eric’s deep understanding of our company and our industry ideally positions him to become AIG’s next CEO as the company continues to drive long-term profitable growth and value for all our stakeholders. I look forward to welcoming Eric to AIG and continuing to work with the Board of Directors.”