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American International Group, Inc. (AIG) reported second-quarter 2024 adjusted earnings per share of $1.16, which missed the Zacks Consensus Estimate by 16.6%. However, the bottom line improved 9.4% year over year.Operating revenues amounted to $6.6 billion, which declined 11.8% year over year. However, the top line significantly missed the consensus mark.The weaker-than-expected results were caused by an increase in catastrophe losses and higher general operating and other expenses. This was partially offs ...

Second Quarter 2024 Financial Results Presentation July 31, 2024 Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Q2 2024 Earnings Key Themes • Exceptional second quarter financial and operational performance across all of AIG • Delivered outstanding underwriting results, inclusive of catastrophes, with continued expense discipline • Global Commercial had an excellent quarter with st ...

Financial Data and Key Metrics Changes - Adjusted after-tax income was $775 million, or $1.16 per diluted share, representing a 38% increase in earnings per share year-over-year [9] - General Insurance net premiums written grew 7%, with underwriting income at $430 million, and an underlying underwriting income improvement of $110 million or 17% year-over-year [10] - Consolidated net investment income on an adjusted pre-tax income basis was $884 million, a 14% increase year-over-year [10] Business Line Data and Key Metrics Changes - Gross premiums written for General Insurance were $9.9 billion, an increase of 7% from the prior year, with net premiums written at $6.9 billion [18] - Global Commercial net premiums written grew 8%, while Global Personal net premiums written increased by 5% year-over-year [19][22] - North America Commercial net premiums written grew 10%, with Lexington achieving a 16% growth [19] Market Data and Key Metrics Changes - International Commercial produced new business of $522 million for the quarter, an increase of 9% year-over-year [21] - The accident year combined ratio for General Insurance, excluding catastrophes, improved by 170 basis points year-over-year to 87.6% [22] - The CAT loss ratio was 5.7%, or $325 million of total catastrophe-related losses [10] Company Strategy and Development Direction - The company is focused on simplifying its portfolio and has announced the sale of its global individual personal travel insurance business [15] - AIG is committed to its high net worth business, having invested over $100 million in infrastructure and digital capabilities [17] - The company aims to achieve a combined ratio of 91.6% or lower for the full year 2025, driven by strong underwriting and expense reduction [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the outlook for natural catastrophes in the second half of 2024 is uncertain, with predictions of above-average hurricane activity [25] - The company has maintained a disciplined approach to capital management, having deployed over $30 billion in cash towards this strategy over the last three years [30] - Management expressed confidence in the portfolio's profitability despite challenges in the property market [66] Other Important Information - The deconsolidation of Corebridge Financial was a significant milestone, impacting AIG's financials and simplifying its income statement [39][57] - AIG's shareholders' equity increased to $44.4 billion at June 30, 2024, reflecting a $1.1 billion net increase in the quarter [48] - The company expects its adjusted tax rate for 2024 to be about 24% before discrete items [57] Q&A Session Summary Question: Impact of the updated combined ratio trajectory guidance for 2025 - Management clarified that the guidance does not contemplate any improvement in the loss ratio, focusing instead on expense ratio reductions [63] Question: General sense of the impact of the sale of the travel insurance on underwriting results - Management indicated that the premium impact would be $750 million, but the overall combined ratio impact would be minimal [68] Question: Favorable development in excess casualty - Management confirmed that favorable development was primarily from older years rather than recent years, with detailed analysis conducted on reserves [72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 —————————— FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other ...

For the quarter ended June 2024, American International Group (AIG) reported revenue of $6.64 billion, down 49.5% over the same period last year. EPS came in at $1.16, compared to $1.75 in the year-ago quarter.The reported revenue represents a surprise of -45.73% over the Zacks Consensus Estimate of $12.23 billion. With the consensus EPS estimate being $1.39, the EPS surprise was -16.55%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

American International Group (AIG) came out with quarterly earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $1.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -16.55%. A quarter ago, it was expected that this insurer would post earnings of $1.66 per share when it actually produced earnings of $1.77, delivering a surprise of 6.63%.Over the last four quarters, ...

Financial Performance - General Insurance net premiums written (NPW) were $6.9 billion, a decrease of 8% on a reported basis, but an increase of 7% on a comparable basis, driven by 10% growth in North America Commercial[1]. - Adjusted after-tax income per diluted share was $1.16, a 9% increase from the prior year quarter, and a 38% increase on a comparable basis[2]. - AIG returned almost $2.0 billion to shareholders, including $1.7 billion in stock repurchases and $261 million in dividends[1][11]. - Total net investment income for the second quarter was $990 million, an 18% increase from $837 million in the prior year quarter[10]. - AIG reported adjusted pre-tax income of $1,041 million for the three months ended June 30, 2023, compared to $1,288 million for the same period in 2022, reflecting a decrease of approximately 19.2%[55]. - The net income attributable to AIG common shareholders for the six months ended June 30, 2023, was $1,508 million, down from $2,010 million in the same period last year, representing a decline of about 25%[58]. - AIG's adjusted after-tax income attributable to common shareholders excludes various non-operating items, providing a clearer view of profitability[46]. - Income from continuing operations for the three months ended June 30, 2024, was $1.15 per share, a decrease of 37.4% compared to $0.72 in the same period of 2023[61]. - Net income attributable to AIG common shareholders for the three months ended June 30, 2024, was $2.05 per share, compared to a loss of $6.02 per share in the same period of 2023[61]. - Adjusted after-tax income attributable to AIG common shareholders per diluted share for the three months ended June 30, 2024, was $1.06, an increase of 9.4% from $1.16 in the same period of 2023[61]. Insurance Operations - Record Commercial Lines new business reached $1.3 billion, an 18% year-over-year increase, with strong global retention[1]. - General Insurance combined ratio was 92.5%, an increase of 160 basis points year-over-year, while the accident year combined ratio improved by 40 basis points to 87.6%[1][2]. - North America Commercial Lines net premiums written decreased by 19% year-over-year to $3,410 million, but increased by 10% on a comparable basis[15]. - The combined ratio for North America Commercial Lines increased by 460 basis points to 90.2%, driven by a higher loss ratio and changes in business mix[15]. - North America Personal Insurance net premiums written grew by 8% year-over-year to $563 million, primarily due to positive rate changes in High Net Worth[17]. - The combined ratio for North America Personal Insurance improved by 760 basis points to 105.3%, driven by favorable development in prior year loss reserves[17]. - International Commercial Lines net premiums written increased by 3% year-over-year to $2,223 million, or 6% on a comparable basis, attributed to growth in Global Specialty and Property[19]. - The combined ratio for International Commercial Lines improved by 40 basis points to 88.6%, primarily due to favorable development in prior year loss reserves[19]. - International Personal Insurance net premiums written declined by 4% year-over-year to $1,341 million, but grew by 3% on a comparable basis[20]. - The combined ratio for International Personal Insurance improved by 100 basis points to 97.0%, driven by lower catastrophe loss ratio and expense ratio[20]. Investment and Capital Management - The company executed nearly $5 billion in capital management actions in the first half of 2024, including $3.3 billion in share repurchases[4]. - Book value per share increased to $68.40 as of June 30, 2024, while adjusted book value per share was $72.78[11]. - AIG's total debt to total capital ratio was 18.1% as of June 30, 2024, indicating a strong balance sheet[11]. - Total AIG shareholders' equity increased from $42,454 million as of June 30, 2023, to $44,445 million as of June 30, 2024[65]. - Book value per share increased by 16.9% from $58.49 as of June 30, 2023, to $68.40 as of June 30, 2024[65]. - Average adjusted common shareholders' equity for the three months ended June 30, 2024, was $50,270 million, compared to $57,016 million in the same period of 2023[68]. - General Insurance Net Investment Income on an APTI basis was $725 million for the three months ended June 30, 2023, compared to $746 million for the same period in 2024[62]. - The company reported total net investment income of $775 million for the three months ended June 30, 2023, compared to $884 million for the same period in 2024[62]. - Net investment income on Fortitude Re funds withheld was reported at $383 million for the six months ended June 30, 2023, compared to $294 million in the same period of 2022, marking an increase of approximately 30.2%[58]. Risk Management and Regulatory Environment - AIG's reliance on third-party investment managers and the concentration in investment portfolios pose potential risks to financial performance[30]. - The effectiveness of AIG's enterprise risk management policies is crucial for adequately assessing risk and estimating related losses[30]. - The impact of regulatory changes and sanctions, particularly related to the Russia-Ukraine conflict, could significantly affect AIG's operations[30]. - AIG's total tax charge for the three months ended June 30, 2023, was $256 million, compared to $110 million for the same period in 2022, indicating an increase of approximately 132.7%[55]. - AIG's total tax benefits for the three months ended June 30, 2023, were $403 million, compared to $110 million for the same period in 2022, indicating an increase of approximately 267.3%[58]. Operational Efficiency - Other Operations adjusted pre-tax loss improved by $120 million year-over-year, primarily due to higher net investment income and lower interest expenses[22]. - Total net investment income increased by $89 million from the prior year quarter, driven by dividend income from Corebridge and higher yields on short-term investments[23]. - The general operating expense ratio on a comparable basis remained stable at 12.4% for both periods[73]. - Adjusted pre-tax income, excluding Crop Risk Services and Validus Re, was $430 million for the three months ended June 30, 2024, compared to $420 million in the same period last year[78]. - The accident year combined ratio, as adjusted, for North America - Personal Insurance improved to 101.8% from 107.1% year-over-year[76]. - Catastrophe losses and reinstatement premiums for the total general insurance segment increased to $(5.7) million for the three months ended June 30, 2024, compared to $(3.9) million in the prior year[73]. - The loss ratio for North America - Commercial Lines increased to 67.4% from 61.0% year-over-year[73]. - The combined ratio for International - Personal Insurance improved to 97.0% from 98.0% year-over-year[76]. - Adjusted pre-tax income, as reported, was $1,176 million for the three months ended June 30, 2024, down from $1,319 million in the prior year[79].

American International Group, Inc. (AIG) is set to report its second-quarter 2024 results on Jul 31, after the closing bell.The Zacks Consensus Estimate for second-quarter earnings is currently pegged at $1.39 per share, implying a decrease of 20.6% from the year-ago reported number. The estimate was revised downward by four analysts in the past month against one movement in the opposite direction, resulting in a decrease of 21.9% from $1.78 per share. The Zacks Consensus Estimate for second-quarter revenue ...

Analysts on Wall Street project that American International Group (AIG) will announce quarterly earnings of $1.39 per share in its forthcoming report, representing a decline of 20.6% year over year. Revenues are projected to reach $12.23 billion, declining 6.9% from the same quarter last year.Over the last 30 days, there has been a downward revision of 4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their ini ...