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New AIG CEO Has Reputation Challenges to Overcome

The AIG that Hancock takes over as CEO on Sept. 1 has come a long way since its 2008 bailout that swelled to $182.3 billion. The government has been repaid, and the company shrunk through more than $75 billion of asset sales.

 AIG has refocused on its main global property-casualty and U.S. life insurance units.

Still, the P&C operation has posted an underwriting profit in just two quarters since Hancock began running it in 2011, with most of the earnings coming from investments. Natural disasters such as superstorm Sandy elevated claims costs, and Hancock increased spending on technology and science in a bet that revamping the unit will pay off in the future.

“The mission is to take what is still, by many measures, the largest insurance company in the world and make it the most valued,” Hancock said in an interview.

Read more: Bloomberg

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