AIG has welcomed a decision by the US Financial Stability Oversight Council to remove its designation as a Systemically Important Financial Institution.

“The council has worked diligently to thoroughly re-evaluate whether AIG poses a risk to financial stability,” Treasury Secretary Steven Mnuchin said.

“This action demonstrates our commitment to act decisively to remove any designation if a company does not pose a threat to financial stability.”

AIG President and CEO Brian Duperreault says the move reflects “substantial and successful de-risking” that the insurer has achieved.

“The company is committed to continued vigilant risk management and to working closely with our numerous regulators to enable a strong AIG to continue to serve our clients,” he said.