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Mar 31, 2024
AIG Q1 2024 Earnings Report
AIG's Q1 2024 financial performance was strong, marked by increased underwriting income, improved combined ratios, and significant capital management actions.
Key Takeaways
AIG reported strong first quarter 2024 results, with significant increases in underwriting income and adjusted pre-tax income in General Insurance. The company executed substantial capital management actions, including returning $2.4 billion to shareholders. Net income per diluted share was $1.74, and adjusted after-tax income per diluted share was $1.77.
Net income per diluted share was $1.74, and adjusted after-tax income (AATI) per diluted share was $1.77.
General Insurance underwriting income increased 19% year-over-year to $596 million.
General Insurance combined ratio improved 2.1 points from the prior year quarter to 89.8%.
The company executed nearly $3 billion of capital management actions, including $2.4 billion returned to shareholders.
AIG
AIG
AIG Revenue by Segment
AIG Revenue by Geographic Location
Revenue by Segment
General Insurance Revenue
CapyFin.comRevenue by Geographic Location
North America Commercial Revenue
CapyFin.comInternational Commercial Revenue
CapyFin.comGlobal Personal Revenue
CapyFin.com Forward Guidance
AIG expects to build on its momentum throughout 2024 by executing AIG Next, deconsolidating Corebridge, and delivering underwriting excellence and profitable growth, further enhancing value to AIG shareholders and positioning AIG for the future. The company anticipates AIG Next will create a less complex and more effective company, delivering savings and efficiencies that accelerate profitability and achieve an adjusted ROCE in excess of 10%.
Positive Outlook
- AIG Next initiative expected to create a less complex and more effective company.
- Focus on delivering underwriting excellence and profitable growth.
- Anticipated savings and efficiencies from AIG Next to accelerate profitability.
- Targeting an adjusted ROCE in excess of 10%.
- Continued execution on capital management strategy.
Challenges Ahead
- Uncertain and increasingly complex global risk landscape.
- Potential adverse developments affecting economic conditions in the U.S. and globally.
- Occurrence of catastrophic events, both natural and man-made.
- Disruptions in the availability or accessibility of AIG's or a third party’s information technology systems.
- AIG's ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof.