AIG Gains as CEO Cites Progress, Outlines Plan to Modernize Firm
- Shares climb after insurer reports another underwriting profit
- Duperreault says AIG will now work to improve infrastructure
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American International Group Inc. climbed after scoring an underwriting profit for a second straight quarter, a key goal for Chief Executive Officer Brian Duperreault in his effort to strengthen the insurer. It’s now concentrating on another phase of its turnaround plan.
“Given the progress we have made, we are now placing greater focus on a multiyear, enterprise-wide program,” Duperreault said Thursday on an earnings call. “The one thing we’ve never been noted for is operational excellence. And this is the one thing that we have not invested in. We’ve got legacy processes, too many manual interventions, on and on and on. It is a drag on our performance.”