Insurance conglomerate American International Group is taking steps to split off its life-insurance business into a separate company, leaving it to focus on property-casualty insurance, a separation it will make under the direction of a new chief executive.

In news releases late on 26 October, the New York company said current CEO Brian Duperreault will hand over his title on 1 March, 2021, to Peter Zaffino, the company’s president.