American International Group reported a fourth-quarter loss of $8.9 billion, a large improvement over the $61.7 billion in loss it reported for the same period in 2008 when its implosion led to a federal bailout.
The final piece of the new leadership puzzle for American International Group is now in place with the election of Harvey Golub as chairman of the insurer.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.