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AIG & Savi's Tool to Lessen Financial Woes of Public Sector
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American International Group, Inc.’s (AIG - Free Report) subsidiary, AIG Retirement Services, recently collaborated with Savi for offering a technology solution to the tax-exempt and public sector employers of the United States. By virtue of this digital solution, Savi, which is a social impact tech firm, gives sound guidance about the Public Service Loan Forgiveness program. Proper understanding of this program will enable public sector employees to effectively manage their student loan debt accordingly.
Notably, the Public Service Loan Forgiveness program waives the remainder of federal student debt after qualifying payments have been made for 120 months. However as of Apr 30, 2020, full waiver has been granted to less than 2% of total applications submitted. One of the primary reasons behind this high rejection rate is inadequate knowledge about the federal program.
Hence, Savi’s digital solution will guide public service employees while applying for student loan forgiveness. Student loans often burden individuals with financial stress. AIG will be working closely with Savi to offer financial security to the public service employees in a bid to reduce this stress.
We believe this step was absolutely necessary in strategizing ways to manage student debt, which has been rising for the past couple of years. Till March of this year, the Federal Reserve projected collective student loan debt in the United States at $1.6 trillion. Already bearing the brunt of several issues, the current financial turmoil induced by the COVID-19 pandemic has only aggravated financial insecurities. Thereby, we believe Savi’s technology solution bodes well as it is likely to alleviate financial burden of public service employees.
Shares of this Zacks Rank #3 (Hold) insurer have lost 29.2% in a year compared with the industry’s decline of 9.5%.
Other Strategic Efforts Made by AIG
The insurer has been constantly taking initiatives to boost operating results and provide enhanced solutions to clients. Last week, it divested a majority stake in its legacy specialist run-off company, Fortitude RE, which highlights the company’s commitment toward core insurance operations and restructuring of businesses aimed at enhancing capital allocation and operating leverage.
We believe the company has also been striving relentlessly to offer long-term retirement benefits for retirees as well. This May, AIG’s unit, AIG Life & Retirement, rolled out Legg Mason Quality Dividend Index, which concentrates on high quality dividend paying stocks to generate greater and consistent returns amid volatility in markets. In the same month itself, it tied up with Annexus for launching an index annuity solution — X5 Advantage. The new solution will provide a steady and lifetime source of income for the retirees and offer enough scope for increasing their income. Such initiatives are likely to drive results for the company’s Life & Retirement segment going forward.
American Equity, Brighthouse and Kemper beat estimates in each of the trailing four quarters, the average positive surprise being 63.04%, 14.38% and 16.25%, respectively.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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AIG & Savi's Tool to Lessen Financial Woes of Public Sector
American International Group, Inc.’s (AIG - Free Report) subsidiary, AIG Retirement Services, recently collaborated with Savi for offering a technology solution to the tax-exempt and public sector employers of the United States. By virtue of this digital solution, Savi, which is a social impact tech firm, gives sound guidance about the Public Service Loan Forgiveness program. Proper understanding of this program will enable public sector employees to effectively manage their student loan debt accordingly.
Notably, the Public Service Loan Forgiveness program waives the remainder of federal student debt after qualifying payments have been made for 120 months. However as of Apr 30, 2020, full waiver has been granted to less than 2% of total applications submitted. One of the primary reasons behind this high rejection rate is inadequate knowledge about the federal program.
Hence, Savi’s digital solution will guide public service employees while applying for student loan forgiveness. Student loans often burden individuals with financial stress. AIG will be working closely with Savi to offer financial security to the public service employees in a bid to reduce this stress.
We believe this step was absolutely necessary in strategizing ways to manage student debt, which has been rising for the past couple of years. Till March of this year, the Federal Reserve projected collective student loan debt in the United States at $1.6 trillion. Already bearing the brunt of several issues, the current financial turmoil induced by the COVID-19 pandemic has only aggravated financial insecurities. Thereby, we believe Savi’s technology solution bodes well as it is likely to alleviate financial burden of public service employees.
Shares of this Zacks Rank #3 (Hold) insurer have lost 29.2% in a year compared with the industry’s decline of 9.5%.
Other Strategic Efforts Made by AIG
The insurer has been constantly taking initiatives to boost operating results and provide enhanced solutions to clients. Last week, it divested a majority stake in its legacy specialist run-off company, Fortitude RE, which highlights the company’s commitment toward core insurance operations and restructuring of businesses aimed at enhancing capital allocation and operating leverage.
We believe the company has also been striving relentlessly to offer long-term retirement benefits for retirees as well. This May, AIG’s unit, AIG Life & Retirement, rolled out Legg Mason Quality Dividend Index, which concentrates on high quality dividend paying stocks to generate greater and consistent returns amid volatility in markets. In the same month itself, it tied up with Annexus for launching an index annuity solution — X5 Advantage. The new solution will provide a steady and lifetime source of income for the retirees and offer enough scope for increasing their income. Such initiatives are likely to drive results for the company’s Life & Retirement segment going forward.
Stocks to Consider
Some better-ranked stocks in the insurance space are American Equity Investment Life Holding Company , Brighthouse Financial, Inc. (BHF - Free Report) and Kemper Corporation (KMPR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
American Equity, Brighthouse and Kemper beat estimates in each of the trailing four quarters, the average positive surprise being 63.04%, 14.38% and 16.25%, respectively.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>