Inside AIG’s Next Chapter: Leadership and Transformation

Peter Zaffino's tenure as Chief Executive of AIG has been defined by a financial transformation that reversed years of underwriting losses and restored the insurer's competitive positioning.

Since March 2021, Peter has overseen structural changes that delivered five consecutive years of underwriting profitability, signalling broader implications for how finance chiefs at global insurers approach capital deployment and risk management.

The turnaround centred on three core initiatives. AIG recruited hundreds of experienced underwriters, constructed a strategic reinsurance programme and overhauled its underwriting framework to align risk selection and capacity deployment more closely with profitability metrics.

According to AIG's latest financial disclosures, the company announced that in 2025 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.

Leadership transition follows strategic repositioning

AIG has announced that Peter will transition to Executive Chair by mid-2026, with Eric Andersen joining as President and CEO-elect effective 16 February 2026.

Eric, currently a member of the Aon Executive Committee, will report to Peter before assuming the Chief Executive role and joining the Board of Directors after 1 June 2026.

John Rice, Lead Independent Director at 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."

John adds: "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."

Operational modernisation underpins performance

Under Peter's leadership, AIG divested non-core operations whilst modernising its technology infrastructure. The strategic implementation of generative AI has been positioned as a mechanism to enhance analytical capabilities and support growth initiatives.

The CEO 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."

Eric brings reinsurance expertise

Eric arrives from Aon, where he held senior positions including President of Aon, Chief Executive of reinsurance intermediary Aon Benfield and Chief Executive of Aon Risk Solutions Americas. During his tenure as President from 2020 to 2025, Aon's market value grew from US35bntoUS35bn to US35bntoUS85bn.

Discussing the announcement, he said: "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."

"We could not have chosen a better person than Eric Andersen to steward the company's next chapter," Peter says. "Eric is an incredibly accomplished and widely respected insurance executive, and we have worked 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."