“We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of cyber risk generally,” CEO Peter Zaffino said on a conference call with analysts, according to a transcript produced by Refinitiv.

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AIG’s planned sale of part of its life and retirement business through an initial public offering is likely in the first quarter of 2022, Zaffino said. The company had previously aimed for the fourth quarter of the current year for the IPO.

The company currently plans to offer more than 9.9% of its life and retirement unit in the IPO but said the size is not yet clear.

Private equity firm Blackstone (BX.N) will acquire a 9.9% stake for $2.2 billion in AIG’s Life Retirement business, the companies had said last month, in an all-cash transaction. read more

AIG said on Friday that it has flexibility to sell more than 19.9% of the business due to gains from the sale of affordable housing coupled with other factors.

AIG shares were up 4.1% at $50.64 in early trade on Friday.

Source: Reuters