AIG Makes Leadership Change, Appoints Keith Walsh as New CFO

Leadership Change - Keith Walsh appointed as new executive vice president and CFO of AIG, effective Oct 21, 2024 [1] - Walsh brings over two decades of finance leadership experience, including roles at Marsh & McLennan and Citigroup [2] - He will oversee AIG's global finance organization and report to CEO Peter Zaffino [1][2] - Sabra Purtill, the outgoing CFO, will continue to support strategic projects and ensure a smooth transition [1] Industry Context - The insurance industry is benefiting from a high-interest environment, which is boosting investment income [3] - Insurers are experiencing consistent growth in premiums [3] - AIG's return on equity of 9.5% is below the industry average of 16%, indicating inefficiency in generating profits [3] Financial Performance - AIG's shares have declined by 4.5% over the past six months, compared to the industry's 2.2% growth [4] - The company currently holds a Zacks Rank 5 (Strong Sell) [5] Comparison with Peers - MGIC Investment Corporation (MTG) is a better-ranked player in the finance space with a Zacks Rank 1 (Strong Buy) [5] - MGIC's current-year earnings are expected to grow by 9.1% year-over-year [5] - The consensus estimate for MGIC's current-year revenues is $1.2 billion, reflecting a 4.7% increase from the previous year [5]