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This insurance giant is getting smaller. AIG recorded $5.9 billion in losses in 2020, driven by costs related to COVID-19, hurricanes, and the long-planned sale of a unit devoted to AIG’s discontinued lines of business. The conglomerate is working to slim down even more this year, as it narrows its focus to property-casualty insurance. New CEO Peter Zaffino, who took over in March, is now planning an IPO to sell a 19.9% stake in AIG’s life and retirement business.
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