Bruce R. Abrams, the president and chief executive officer of AIG Annuity Insurance Co., has also been put in charge of AIG Valic, a division that markets mutual fund products and annuities through banks.
In his new role, Mr. Abrams will focus on adding customers, accelerating asset growth, and acquiring group accounts in the principal markets of the New York unit of American International Group Inc.
His appointment was announced Monday. He succeeded Bob Condon, who died in March.
Mr. Abrams said that he has no plans to change the way the division operates its retirement business.
"It is business as usual," he said. "We will continue to offer our traditional products. We have 2 million participants, and we're looking to build on that success."
AIG Valic, which includes Valic Retirement Services Co., Variable Annuity Life Insurance Co., and Valic Trust Co., markets retirement products to the K-12 education marketplace and government plans.
The division currently has alliances with more than 720 banks and brokerage firms, Mr. Abrams said. "We're looking to sign up more" in the near future, he said, but declined to discuss any new or potential deals.
AIG Valic has more than 2,000 financial advisers and 1,800 career agents selling retirement plans. It currently serves 25,000 client groups in more than 40,000 locations throughout the United States.
It offers tax-qualified plans, traditional and Roth IRAs, tax-deferred fixed and variable annuities, mutual funds, and brokerage services, as well as education programs and materials such as quarterly publications, brochures, and free workshops.
Mr. Abrams has worked at AIG Annuity, formerly American General Annuity and Western National, since 1994. He was named an executive vice president in 1997 and assumed the president and CEO role in 2002.
AIG Annuity Insurance is the leading provider of annuities sold through banks; it had $11.2 billion of sales last year, according to Kenneth Kehrer Associates of Princeton, N.J.
