Increasing Retirement services As Others Retreat

American international group Inc. plans to add 600 advisers and enlarge their offerings to boost sales as competitors retreat from a few retirement products.

The insurer will increase the wide variety of profession dealers at its newly named AIG monetary community to two,000 by means of 2019 from approximately 1,four hundred, John Deremo, chief distribution officer for AIG financial distributors, said in an interview. The ny-primarily based business enterprise is rebranding its American wellknown career agent force and adding annuities and other retirement merchandise to the existence insurance that the advisers have historically offered, in step with a declaration these days.

“What we’re definitely doing is moving a bit upscale into a more mass-affluent space, incorporating retirement making plans into the safety awareness,” Deremo stated. “at the same time as plenty of groups are pulling back or pulling out of markets, we are expanding.”

leader govt Officer Robert Benmosche, 69, is specializing in annuities as greater people approach retirement and competitors including MetLife Inc. limit income. AIG has the potential to grow because it sold fewer of the products than a few competitors in prior years, while guarantees were extra beneficiant, Jay Wintrob, CEO of the existence and retirement commercial enterprise, said in November.

“Bob Benmosche is pretty bullish on our economic offerings business,” Deremo said. “He believes on this worker-driven affiliated distribution, and we plan to aggressively develop it.”