Would L&R be worth more as a separate entity?
The quality of the Life & Retirement (L&R) division was underscored by today's investor briefing but only served to highlight the chronic underperformance of the P&C operations. That management is looking to allocate additional capital to P&C acquisitions should be a source of frustration for investors. In our view, a separation of the two divisions would unlock greater value for shareholders in the medium to longer term but this seems an unlikely prospect. We retain our Neutral rating.American International Group is a holding company. Through its subsidiaries, the company provides a range of property casualty insurance, life insurance, retirement solutions, and other financial services. The company's businesses include General Insurance, which provides insurance products and services for commercial and personal insurance customers; Life and Retirement, which brings together a portfolio of life insurance, retirement and institutional products provided through a multichannel distribution network; and Other Operations, which include Blackboard U.S. Holdings, Inc., a subsidiary focused on delivering commercial insurance solutions using digital technology, data analytics and automation.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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