5th November 2023

AIG reports third quarter result

Highlights are:
-Net income per diluted share was $2.81, and adjusted after-tax income (AATI) per diluted share was $1.61, an increase of 92% from the prior year quarter
-General Insurance combined ratio was 90.5, an improvement of 680 basis points from the prior year quarter, including 6.9 points of catastrophe losses and 2.7 points of favourable prior year development(PYD), net of reinsurance and prior year premiums
-General Insurance accident year combined ratio, as adjusted (AYCR) was 86.3, an improvement of 210 basis points from the prior year quarter, driven by the outstanding performance of the Commercial Lines AYCR of 81.7
-General Insurance net premiums written(NPW) increased 1% year-over-year, or 9% on a comparable basis, driven by 16% growth in Personal Insurance and 6% growth in Commercial Lines
-Life and Retirement adjusted pre-tax income(APTI) was $971m, up 24% from the prior year quarter, benefiting from continued growth in net investment spread
-Returned over $1bn to shareholders through $785m of common stock repurchases and $261m of dividends in the third quarter
On 1st November, AIG announced the successful closing of the sale of Validus Re to RenaissanceRe, simplifying its portfolio and allowing it to accelerate capital management plans
31st On October, Corebridge announced the closing of the sale of Laya Healthcare Limited to AXA for E650m, the net proceeds from which will be distributed by a special dividend of approximately $73m to Corebridge shareholders.

AIG Trends(712 articles)