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6th November 2019
AIG reports big improvement in third quarter
American International Grouphas reported net income attributable to AIG common shareholders of $648m, or $0.72 per diluted common share, for the third quarter, compared to a net loss attributable to AIG common shareholders of $1.3bn, or $1.41 per common share, in the prior-year quarter.
The improvement was primarily due to pre-tax net realized capital gains of $929m compared to pre-tax net realized capital losses of $511m in the prior-year quarter and a
reduction in pre-tax net catastrophe losses of $1.1bn compared to the prior-year quarter.
Adjusted after-tax income attributable to AIG common shareholders was $505m, or $0.56 per diluted common share, for the third quarter of 2019, compared to an adjusted after-tax loss attributable to AIG common shareholders of $301m, or $0.34 per common share, in the prior-year quarter. The improvement was primarily due to lower catastrophe losses compared to the prior-year quarter.
Brian Duperreault, AIG’s president and ceo, comments “Our results this quarter reflect the significant, ongoing work across the company to lay a foundation for long-term,
sustainable and profitable growth. Results are in line with our expectations, particularly in General Insurance, which demonstrated a significant improvement over the prior-year quarter driven by our focus on underwriting excellence, expense discipline and enhanced reinsurance strategy. Life and Retirement continued to produce solid results despite ongoing headwinds from the sustained low interest rate environment. This business remains on track to deliver
double-digit returns for the full year."
AIG Trends(680 articles)