NEW YORK - American International Group, Inc. (NYSE: NYSE:AIG) has appointed Melissa Twiningdavis as Executive Vice President and Chief Administrative Officer, a role she will assume on September 1, 2024. Twiningdavis will oversee global administrative services, including sourcing, procurement, and real estate operations, and will join the company's Executive Leadership Team in New York.
Twiningdavis brings a wealth of experience to AIG from her previous position at Accenture (NYSE:ACN), where she led global Supply Chain Operations since January 2022. Her career also includes a tenure as President of Precision Castparts Corporation, a Berkshire Hathaway (NYSE:BRKa) subsidiary, and 20 years at General Electric (NYSE:GE) in various leadership roles, notably as Vice President and Corporate Officer for Supply Chain and Sourcing in Europe.
AIG's Chairman and CEO, Peter Zaffino, expressed confidence in Twiningdavis's capabilities, citing her proven track record in company transformation as a valuable asset for AIG's pursuit of operational excellence. Twiningdavis herself commented on the opportunity, emphasizing her eagerness to further strengthen AIG's global administrative services.
AIG is a prominent global insurance organization, providing a range of insurance solutions to businesses and individuals in about 190 countries and jurisdictions. The company has been working towards establishing itself as a top-performing global property and casualty insurer.
Twiningdavis's appointment is based on a press release statement from AIG and marks an important step in the company's ongoing strategic development and leadership enhancement.
In other recent news, American International Group (AIG) has seen several impactful developments. Evercore ISI revised its outlook on AIG shares, reducing the price target from $81 to $78 while maintaining an In Line rating.
This change was prompted by factors such as the deconsolidation of certain operations, an increase in the projected tax rate, and variations in net investment income. Furthermore, Evercore ISI revised its earnings per share (EPS) estimate for Q2 2024 to $1.33, down from $2.00.
In a significant strategic move, Zurich Insurance acquired AIG's global personal travel insurance and assistance business for $600 million. BofA Securities also raised its price target for AIG shares to $84, maintaining a Neutral rating, following a shift in its valuation approach. In addition, AIG has completed the deconsolidation of Corebridge Financial Inc. for accounting purposes.
Analysts from firms such as Keefe, Bruyette & Woods, Piper Sandler, and Morgan Stanley (NYSE:MS) have maintained their ratings on AIG's stock, while BMO Capital Markets has given an Outperform rating with a price target raised to $89. These recent developments highlight AIG's strategic moves and their potential impact on the company's future.
InvestingPro Insights
As American International Group, Inc. (AIG) welcomes Melissa Twiningdavis to its executive team, investors and stakeholders may find the following insights from InvestingPro valuable in assessing the company's current financial health and future prospects:
AIG's management has been actively demonstrating its confidence in the company's value through aggressive share buybacks, a move that often signals a belief that the stock is undervalued. This is coupled with a high shareholder yield, which could be attractive to investors seeking returns in the form of dividends and buybacks. Moreover, AIG has consistently maintained dividend payments for the past 12 years, recently showing a significant dividend growth of 25.0% over the last twelve months as of Q1 2024.
On the financial metrics front, AIG boasts a market capitalization of $51.2 billion USD, with a solid Price/Earnings (P/E) ratio of 10.91, adjusted for the last twelve months as of Q1 2024. This is complemented by a Price/Book ratio of 1.18 for the same period, suggesting that the company's stock is reasonably valued in relation to its book value.
Despite a slight decline in revenue growth, with a -4.02% change over the last twelve months as of Q1 2024, the quarterly revenue growth has spiked by 15.43% in Q1 2024, indicating a potential turnaround in sales performance.
Investors considering AIG should note that analysts predict the company will be profitable this year, a forecast that aligns with its performance over the last twelve months. However, it is worth noting that 9 analysts have revised their earnings estimates downwards for the upcoming period, which could suggest caution regarding future earnings potential.
For those interested in a deeper dive into AIG's financials and strategic analysis, InvestingPro provides additional insights. There are currently 7 more InvestingPro Tips available at https://www.investing.com/pro/AIG, offering a comprehensive view of the company's performance and outlook. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, further empowering your investment decisions.
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