American International Group Inc. has made an effort to grant the wishes of its activist shareholders, but Sanford C. Bernstein analyst Josh Stirling said he believes the strategic moves the insurer announced Tuesday “much less dramatic” than what the shareholders were looking for. Earlier Tuesday, AIG said it would sell its broker-dealer network, spin off part of its mortgage-insurance unit and return billions of dollars to shareholders,amid pressure from shareholders to shrink the company to boost profitability. “However, while we applaud the company’s making progress on these items, this strategic pivot appears less substantial than we’d have hoped–and see the company as having missed a more major opportunity,” Stirling wrote in a note to clients. The stock climbed 1.7% in morning trade, but was still down 9.2% so far this year, while the S&P 500 has lost 7.2%.
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