S&P Global Ratings has revised its outlook for AIG to negative, citing the company’s “sub-par” track record on delivering strategic goals for its property and casualty commercial insurance division.

The ratings agency also says the quality of consolidated earnings reported by the US-based insurer has “somewhat weakened” over the past few years.

S&P has affirmed AIG’s A+ insurer financial strength rating. The outlook is downgraded from stable.

“The outlook revision reflects AIG’s protracted period of delivering property and casualty commercial insurance underwriting initiatives, which we believe may be a predictor of its executional effectiveness on a prospective basis,” S&P Credit Analyst Tracy Dolin said.

S&P questions management’s ability to achieve an adjusted accident year loss ratio performance of 62% for the “troubled commercial insurance segment” by the end of this year.

AIG last month announced industry veteran Brian Duperreault is replacing Peter Hancock as CEO, returning to the company where he began his insurance career.

The ratings agency welcomes the appointment but says his succession comes at a precarious time.

 “In our view it may take a while to turn the commercial operations around and meaningfully improve operating performance and AIG’s earnings quality.”

AM Best last month affirmed AIG’s long-term issuer credit rating and said the group’s ratings are no longer under review with negative implications.