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American International (AIG) Arm Chosen to Aid Ontario County
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American International Group, Inc.’s (AIG - Free Report) unit, AIG Retirement Services, recently unveiled that it will act as the exclusive retirement plan provider for Ontario County’s local government. The county is situated within the U.S. state of New York.
By virtue of the same, AIG Retirement Services will offer personalized retirement planning programs to over 1,000 employees of Ontario County. After completing their tenure at work, government employees will be able to save and attain their planned retirement goals, thereby leading to a secured financial future.
One of the primary reasons for selecting AIG Retirement Services is its credible retirement plan expertise for guiding tax-exempt and public sector employees. It is currently trusted by over 2,200 government entities. American International’s unit’s over six-decade old history of catering to the retirement needs of government workers can be another reason for its selection.
Initiatives similar to the latest one are expected to boost capabilities and presence of AIG Retirement Services, which is known for offering defined contribution retirement plans, in Ontario County. The county, which offers deferred contribution retirement plans that entail contribution from employers, employees or both to generate retirement savings, appears to be an apt place for the AIG unit to capitalize on.
The move seems time opportune one as well since the COVID-19 pandemic-induced volatilities have wreaked financial insecurities across the United States. Apart from this, other factors like an aging U.S. population leading to an increase in the number of persons attaining retirement age and employers’ intensified focus on offering defined contribution plans are likely to pave the way for American International to capitalize on by bringing about enhanced retirement plan experiences.
American International has been striving to offer comprehensive financial planning for retirees. This endeavor is being pursued by its member companies as well. The same unit of AIG had been given the role of exclusive retirement plan provider for the non-profit health care system named Care New England in 2021. AIG Retirement Services has also resorted to multiple initiatives to boost its capabilities. It had launched a Total Retirement Services solution for seamless integration of both defined contribution and defined benefit plans integrated into a single solution. The AIG unit rolled out a modernized mobile app for easing workplace retirement plan enrollments.
The capabilities of American International’s Life & Retirement business can be further substantiated by AIG’s faith in it to prosper as a stand-alone entity. To that end, AIG sold 9.9% equity stake of its Life & Retirement Business to one of the world’s leading investment firms Blackstone in November 2021 as part of its plans to separate the business. In sync with the same endeavor, American International plans to pursue an initial public offering (IPO) in 2022.
Shares of American International have surged 49.8% over a year compared with the industry’s rally of 3.6%.
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Zacks Rank & Stocks to Consider
AIG currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the insurance space include Fidelity National Financial, Inc. (FNF - Free Report) , The Hartford Financial Services Group, Inc. (HIG - Free Report) and AXIS Capital Holdings Limited (AXS - Free Report) . While Fidelity National sports a Zacks Rank #1 (Strong Buy), Hartford Financial and AXIS Capital carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Fidelity National’s earnings surpassed estimates in each of the last four quarters, the average surprise being 38.18%. The Zacks Consensus Estimate for FNF’s 2022 earnings has moved north by 4.6% in the past 60 days. Fidelity National has a Value Score of A.
The bottom line of Hartford Financial outpaced earnings estimates in three of the last four quarters and missed once, the average surprise being 34.94%. The Zacks Consensus Estimate for HIG’s 2022 earnings suggests an improvement of 23.9% from the year-ago reported figure, while the same for revenues suggests growth of 5.2%. The consensus mark has moved north by 0.4% in the past 30 days. Hartford Financial boasts of a VGM Score of B.
AXIS Capital’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 62.08%. The Zacks Consensus Estimate for AXS’s 2022 earnings indicates a rise of 15.7% year over year, while the same for revenues suggests an improvement of 4.8%. The consensus mark has moved north by 0.9% in the past 30 days. AXIS Capital boasts of an impressive VGM Score of A.
Shares of Fidelity National, Hartford Financial and AXIS Capital have gained 33.2%, 43.4% and 24.1%, respectively, in a year.
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American International (AIG) Arm Chosen to Aid Ontario County
American International Group, Inc.’s (AIG - Free Report) unit, AIG Retirement Services, recently unveiled that it will act as the exclusive retirement plan provider for Ontario County’s local government. The county is situated within the U.S. state of New York.
By virtue of the same, AIG Retirement Services will offer personalized retirement planning programs to over 1,000 employees of Ontario County. After completing their tenure at work, government employees will be able to save and attain their planned retirement goals, thereby leading to a secured financial future.
One of the primary reasons for selecting AIG Retirement Services is its credible retirement plan expertise for guiding tax-exempt and public sector employees. It is currently trusted by over 2,200 government entities. American International’s unit’s over six-decade old history of catering to the retirement needs of government workers can be another reason for its selection.
Initiatives similar to the latest one are expected to boost capabilities and presence of AIG Retirement Services, which is known for offering defined contribution retirement plans, in Ontario County. The county, which offers deferred contribution retirement plans that entail contribution from employers, employees or both to generate retirement savings, appears to be an apt place for the AIG unit to capitalize on.
The move seems time opportune one as well since the COVID-19 pandemic-induced volatilities have wreaked financial insecurities across the United States. Apart from this, other factors like an aging U.S. population leading to an increase in the number of persons attaining retirement age and employers’ intensified focus on offering defined contribution plans are likely to pave the way for American International to capitalize on by bringing about enhanced retirement plan experiences.
American International has been striving to offer comprehensive financial planning for retirees. This endeavor is being pursued by its member companies as well. The same unit of AIG had been given the role of exclusive retirement plan provider for the non-profit health care system named Care New England in 2021. AIG Retirement Services has also resorted to multiple initiatives to boost its capabilities. It had launched a Total Retirement Services solution for seamless integration of both defined contribution and defined benefit plans integrated into a single solution. The AIG unit rolled out a modernized mobile app for easing workplace retirement plan enrollments.
The capabilities of American International’s Life & Retirement business can be further substantiated by AIG’s faith in it to prosper as a stand-alone entity. To that end, AIG sold 9.9% equity stake of its Life & Retirement Business to one of the world’s leading investment firms Blackstone in November 2021 as part of its plans to separate the business. In sync with the same endeavor, American International plans to pursue an initial public offering (IPO) in 2022.
Shares of American International have surged 49.8% over a year compared with the industry’s rally of 3.6%.
Zacks Rank & Stocks to Consider
AIG currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the insurance space include Fidelity National Financial, Inc. (FNF - Free Report) , The Hartford Financial Services Group, Inc. (HIG - Free Report) and AXIS Capital Holdings Limited (AXS - Free Report) . While Fidelity National sports a Zacks Rank #1 (Strong Buy), Hartford Financial and AXIS Capital carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Fidelity National’s earnings surpassed estimates in each of the last four quarters, the average surprise being 38.18%. The Zacks Consensus Estimate for FNF’s 2022 earnings has moved north by 4.6% in the past 60 days. Fidelity National has a Value Score of A.
The bottom line of Hartford Financial outpaced earnings estimates in three of the last four quarters and missed once, the average surprise being 34.94%. The Zacks Consensus Estimate for HIG’s 2022 earnings suggests an improvement of 23.9% from the year-ago reported figure, while the same for revenues suggests growth of 5.2%. The consensus mark has moved north by 0.4% in the past 30 days. Hartford Financial boasts of a VGM Score of B.
AXIS Capital’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 62.08%. The Zacks Consensus Estimate for AXS’s 2022 earnings indicates a rise of 15.7% year over year, while the same for revenues suggests an improvement of 4.8%. The consensus mark has moved north by 0.9% in the past 30 days. AXIS Capital boasts of an impressive VGM Score of A.
Shares of Fidelity National, Hartford Financial and AXIS Capital have gained 33.2%, 43.4% and 24.1%, respectively, in a year.