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AIG board 'actively engaged' in search for new CEO: chairman

(Reuters) - American International Group Inc's board of directors is "actively engaged in the process of identifying the right individual to serve" as the insurance company's chief executive, its chairman wrote in a letter to shareholders on Monday.

AIG's board and management "believe strongly that we are on the right strategic path" and expect to "gain the benefit" of actions the insurer took in 2016 with a "significantly improved risk profile and more efficient cost base," wrote Douglas Steenland, AIG's non-executive chairman of the board, in a letter that accompanied the insurer's 2016 annual report.

(Reporting by Suzanne Barlyn; Editing by David Gregorio)