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Scouting report · AIG

Keith Walsh

  • EVP & Chief Financial Officer, AIG since 2024-11src

Ex-Citi insurance analyst and Marsh CFO; AIG CFO since November 2024

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—0 beat · 1 met · 0 missed · 1 withdrawn — fewer than 4, not scored
Answers the question801 dodge in 5 answers on 2 calls
Capital allocation—company five-year record: neutral — inherited: the five-year record is mostly a predecessor's
Pay design6081% performance-conditioned · underwriting profit, eps, roe, book value, relative tsr, individual, time only · 77.5% for · 0.24% of net income
Skin in the game38stake worth $2.6m, 0.3× last year's pay
Age
51src
In the role
2 yr
Promises scored
2
Hit rate
50%
Dodges / 100 answers
20.0
Airtime on calls
20%
Every promise, oldest firstMW

What to weigh

Watch 5

  • On 2026-08-07 he told an analyst AIG had long since stopped reiterating its 15-20% financial-leverage target (dossier S8 row 9, withdrawn). Yet his own 2025 pay goals list keeping debt-to-capital within that rangesrc
  • On the 2026-08-07 call, asked about reserve adequacy in accident years 2021 and 2022, he answered about 2016 and 2023. The dossier logs it as a dodge on the same book as its prior-year-development flagsrc
  • AIG's FY2025 10-K lists his prior career as EVP and CFO of Marsh & McLennan Companies, 2012-2024. The appointment 8-K says he was CFO of the Marsh subsidiary from 2017 and head of IR for the parent from 2012 to 2017. The 10-K line overstates the rolesrc
  • The proxy disclosed a late Form 4 (filed 2026-02-02) covering five dividend reinvestments, 27.25 shares from Dec 2024 to Dec 2025, blamed on administrative error. Immaterial, but it is on the recordsrc
  • Small stake for a CFO: 34,133 shares beneficially owned (25,847 of them vesting within 60 days) at 2026-01-31, against $7.5m of 2025 pay. Executive officers must hold 3x salary. The proxy says all named executives complysrc

In their favour 1

  • In post through the whole 2025 promise window, and the continuity now that the CEO who set those targets has gone. He co-owns the $5-6bn 2025 buyback guide, met at $5.8bnsrc

Career

  1. 2024 – now
    American International Groupsrc
    EVP & Chief Financial Officer
    Joined 2024-10-21; CFO effective 2024-11-08 (8KA2-2024-11-08)
  2. 2017 – 2024
    Marsh (subsidiary of Marsh & McLennan Companies)src
    Chief Financial Officer of Marsh
  3. 2012 – 2017
    Marsh & McLennan Companiessrc
    Vice President & Head of Investor Relations
  4. 1998 – 2012
    Citisrc
    Equity research analyst covering the insurance sector
    The release gives 14 years at Citi before the 2012 move; the 1998 start is derived from that, not stated

Not located: Exact start year at Citi is derived (14 years before 2012), not stated; nothing located before Citi

Achievements

  • CFO through AIG's 2025 capital programme: $5.8bn of buybacks and about $1bn of dividends, shares down 11% to 538m, $1.1bn of debt retired, debt-to-capital at 18%src
  • The 2026 proxy credits him with the first Moody's upgrade of AIG since 1990, as part of positive actions from all four major rating agenciessrc
  • Ran the Corebridge sell-down in 2025: three share sales that took AIG's stake to about 10% and raised $2.5bnsrc
  • About 25 years on the sell side, in IR and in finance. He covered insurers at Citi for 14 years before running IR at Marsh McLennan and then Marsh's finance functionsrc

Education

  • University at Albany, SUNY, BSsrc
  • NYU Stern School of Business, MBAsrc

Background

  • Family The appointment 8-K states he has no family relationship with any AIG director or executive officer and no Item 404(a) related-party interestsrc
  • Other A Marsh McLennan hire: Zaffino, who appointed him, was CEO of Marsh, LLC from 2011 to 2017, while Walsh ran Marsh McLennan's investor relations from 2012 to 2017src
  • Other Letter agreement effective 2024-09-13 (with an amendment dated 2024-10-04) carries non-solicitation and non-disclosure covenantssrc

The promise ledger

2 scored · 0 open
ResultWhat was promisedWhere it is scoredHow
M MetFY2025 · $5–6bn of share repurchasesAIG row 5said it, with a colleague
W WithdrawnFinancial leverage target of 15–20%AIG row 9said it

Questions dodged

20.0 per 100 answers

  1. Reserve adequacy by accident year. Call 2026-08-07 [11] · Meyer Shields asked specifically about accident years '22 and '21 — "Is there significant IBNR there that would also need to be reviewed?" After a preamble from the CEO on process [12], Walsh answered about '16 and '23 and about ranges of estimates [13]. The years asked about were not addressed. Logged as a note this quarter; if it recurs it bec…

    from AIG · dossier-2026-09-24.md

Calls reviewed

  • FY2026-Q1.roic.json — 0 answers, 14% of the words
  • FY2026-Q2.roic.json — 5 answers, 25% of the words

Sources

14
  1. Filing AIG 8-K Item 5.02, Walsh appointed EVP & CFO (0000005272-24-000101) · 2024-09-18
  2. Filing AIG press release, 8-K Ex. 99.1 of 2024-09-18 (0000005272-24-000101) · 2024-09-18
  3. Filing AIG 8-K/A No. 1, CFO effective date moved to 2024-11-06 (0000005272-24-000112) · 2024-10-11
  4. Filing AIG 8-K/A, CFO appointment effective 2024-11-08 (0000005272-24-000130) · 2024-11-08
  5. Filing AIG 10-K FY2025, Item 10 'Our Executive Officers' (0000005272-26-000023) · 2026-02-12
  6. Filing AIG DEF 14A 2026 (0000005272-26-000039) · 2026-03-31
  7. Filing AIG 8-K Items 5.02/5.07, 2026 annual meeting results (0000005272-26-000066) · 2026-05-14
  8. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 5272 (FY2025 10-K, 0000005272-26-000023) · 2026-02-12
  9. Filing Form 4, Keith Walsh (reporting CIK 2041533): late-reported dividend reinvestments and tax withholding (0002041533-26-000002) · 2026-02-02
  10. Filing Form 4, Keith Walsh, 2026 RSU and option grant of 2026-02-17 (0002041533-26-000004) · 2026-02-18
  11. Filing Form 4, Keith Walsh, shares withheld for tax 2026-03-03 (0002041533-26-000006) · 2026-03-03
  12. Filing EDGAR submissions index for AIG (CIK 5272): Form 4 filings 2025-09-01 to 2026-09-24; reporting CIK 2041533 filed only the three above · 2026-09-24
  13. Call transcript AIG Q2 2026 earnings call (2026-08-07), ROIC.ai
  14. Web search result WebSearch: Insurance Journal 2024-09-20, 'People Moves: AIG Appoints Walsh CFO' (search summary repeats the press release: 14 years at Citi equity research covering insurance; BS University at Albany-SUNY; MBA NYU Stern) · 2026-09-24