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AIG Makes Leadership Change, Appoints Keith Walsh as New CFO
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American International Group, Inc. (AIG - Free Report) recently appointed Keith Walsh as its new executive vice president and chief financial officer (CFO), effective from Oct. 21, 2024. Walsh brings extensive experience from roles at Marsh & McLennan Companies, Inc. (MMC - Free Report) and Citigroup Inc. (C - Free Report) . He will oversee AIG’s global finance organization.
Walsh succeeds Sabra Purtill, who will continue to support the company in strategic projects and assist with a smooth transition. She joined the firm in 2019 as deputy CFO. This move reflects AIG’s focus on strengthening its leadership and financial strategy.
Industry Veteran Joins AIG
Keith Walsh has more than two decades of leadership experience in finance, particularly within the insurance sector. His previous roles include serving as CFO at Marsh, a division of Marsh & McLennan, and as vice president and head of investor relations for Marsh & McLennan. He spent 14 years as an equity research analyst at Citi, where he specialized in the insurance sector.
His deep financial expertise and industry knowledge make him well-equipped to take on the role of CFO at AIG. He would be based in New York and report to chairman & chief executive officer, Peter Zaffino.
This move is critical as AIG continues to enhance shareholder value and maintain its industry leadership during a period of growth and transformation. The high-interest environment is aiding insurers’ investment income. Also, the insurers are witnessing consistent growth in premiums. Keith Walsh’s insights into the insurance industry will likely contribute to refining AIG’s financial strategies and improving overall efficiency, which will enhance returns.
The company's return on equity of 9.5% is lower than the industry average of 16%, reflecting its relative inefficiency in utilizing funds to generate profits.
AIG’s Price Performance
AIG’s shares have lost 4.5% in the past six months against the 2.2% growth of the industry.
The Zacks Consensus Estimate for MGIC Investment’s current-year earnings suggests a 9.1% year-over-year increase. In the past month, MTG has witnessed one upward estimate revision against none in the opposite direction. The consensus mark for current-year revenues is pegged at $1.2 billion, indicating a 4.7% increase from the year-ago reported level.
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AIG Makes Leadership Change, Appoints Keith Walsh as New CFO
American International Group, Inc. (AIG - Free Report) recently appointed Keith Walsh as its new executive vice president and chief financial officer (CFO), effective from Oct. 21, 2024. Walsh brings extensive experience from roles at Marsh & McLennan Companies, Inc. (MMC - Free Report) and Citigroup Inc. (C - Free Report) . He will oversee AIG’s global finance organization.
Walsh succeeds Sabra Purtill, who will continue to support the company in strategic projects and assist with a smooth transition. She joined the firm in 2019 as deputy CFO. This move reflects AIG’s focus on strengthening its leadership and financial strategy.
Industry Veteran Joins AIG
Keith Walsh has more than two decades of leadership experience in finance, particularly within the insurance sector. His previous roles include serving as CFO at Marsh, a division of Marsh & McLennan, and as vice president and head of investor relations for Marsh & McLennan. He spent 14 years as an equity research analyst at Citi, where he specialized in the insurance sector.
His deep financial expertise and industry knowledge make him well-equipped to take on the role of CFO at AIG. He would be based in New York and report to chairman & chief executive officer, Peter Zaffino.
This move is critical as AIG continues to enhance shareholder value and maintain its industry leadership during a period of growth and transformation. The high-interest environment is aiding insurers’ investment income. Also, the insurers are witnessing consistent growth in premiums. Keith Walsh’s insights into the insurance industry will likely contribute to refining AIG’s financial strategies and improving overall efficiency, which will enhance returns.
The company's return on equity of 9.5% is lower than the industry average of 16%, reflecting its relative inefficiency in utilizing funds to generate profits.
AIG’s Price Performance
AIG’s shares have lost 4.5% in the past six months against the 2.2% growth of the industry.
Image Source: Zacks Investment Research
Zacks Rank & A Key Pick
AIG currently has a Zacks Rank #5 (Strong Sell).
Investors interested in the broader Finance space may look at a better-ranked player like MGIC Investment Corporation (MTG - Free Report) . It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MGIC Investment’s current-year earnings suggests a 9.1% year-over-year increase. In the past month, MTG has witnessed one upward estimate revision against none in the opposite direction. The consensus mark for current-year revenues is pegged at $1.2 billion, indicating a 4.7% increase from the year-ago reported level.