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11th February 2018
AIG record catastrophe losses at $4.2bn for 2017-$1.5bn in pre-tax income
American International Group(AIG) has reported a net loss of $6.7bn, or $7.33 per share, for the fourth quarter of 2017, compared to a net loss of $3bn, or $2.96 per share, in the prior-year quarter. The fourth quarter of 2017 net loss included a charge of $6.7bn related to the enactment of the Tax Cuts and Jobs Act. Adjusted after-tax income was $526m, or $0.57 per diluted share compared to an adjusted after-tax loss of $2.8bn or $2.72 per share.
“The fourth quarter was another important step forward in positioning AIG for the future. Since I joined the company in May, we’ve added to our talent base, assessed and initiated underwriting actions, and established a new operating structure. 2017 represents a starting point from which we expect to build and 2018 will be a year of execution. Our actions to diversify our business and pursue profitable growth were further reflected in our January announcement of the acquisition of Validus,” said Brian Duperreault, president and ceo.
“Our fourth quarter and full year 2017 results were significantly impacted by catastrophe losses. Despite full year record catastrophe losses of $4.2bn, we delivered approximately $1.5bn in pre-tax income and over $3bn in adjusted pre-tax income. Importantly, our fourth quarter reserve review resulted in modest net adverse development and our General Insurance North America Commercial business showed notable improvement and reserve stability. Personal Insurance and Life and Retirement operations continued to deliver solid performance and benefit from their diversified offerings.”
AIG Trends(655 articles)