Hancock's job at AIG very different than predecessors

|By:, SA News Editor

AIG's decades-long run of well-known CEOs up until now are responsible for building, nearly destroying, and then reviving the company's franchise, writes SNL's Adam Cancryn, but this should not be the case for incoming chief Peter Hancock.

"At this point in time, I don't think the story for AIG, at least on the P&C side, is one of massive growth," says BMO's Charles Sebaski. "What I think AIG needs to do, given its size, is not be pushing for growth but continuing to restructure and reallocate the portfolio."

Hancock - a lifelong banking man hired from KeyCorp in 2010 - seems to fit the bill then. Since coming to the insurer, he's led the effort to turn around P&C using technology and data analytics, and appointed a chief science officer in 2012 with an eye towards cutting costs, reducing losses, and improving prices. The effort seems to be working, but early on at least, the heavy upfront costs of the investment are keeping the improvement from flowing through to the bottom line..

Also complicating things: Hancock beat out Life and Retirement CE Jay Wintrob for the top slot, and while Wintrob's unit is smaller than P&C, its equally profitable, making him a target hire for other companies.