The split reverses the trend of recent years but higher premium rates in the property sector make it once more attractive, Rousseau said in an interview.
Rousseau assumed the position of CEO earlier this year. The company posted a third-quarter loss after big claims from flooding in Europe and Hurricane Ida in the United States.
Natural catastrophes have brought a lot of volatility to the P&C division, Rousseau said.
"So we intend to be in the non-cat part of the P&C businesses," he said.
The company is in the process of formulating a new strategic plan that it will announce in the spring.