AIG Q2 2024 Earnings Report
Key Takeaways
AIG reported an outstanding second quarter with terrific underwriting results. The deconsolidation of Corebridge was completed. Adjusted after-tax income per diluted share was $1.16, a 9% increase year-over-year, or 38% on a comparable basis.
General Insurance net premiums written (NPW) of $6.9 billion, an increase of 7% on a comparable basis, led by North America Commercial with 10% growth.
Produced record Commercial Lines new business of $1.3 billion, an increase of 18% year-over-year coupled with continued strong retention globally.
General Insurance combined ratio was 92.5%, an increase of 160 basis points year-over-year, or 10 basis points on a comparable basis.
Accident year combined ratio, as adjusted was 87.6%, an improvement of 40 basis points year-over-year, or 170 basis points on a comparable basis.
AIG
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Forward Guidance
AIG enters the back half of 2024 with significant momentum focused on enhancing its leadership in the market.
Positive Outlook
- Sustainable earnings growth driven by focus on underwriting excellence.
- Continued expense discipline.
- Repositioning of underwriting portfolio enables high-quality growth.
- Deepening distribution relationships.
- Benefit from lead underwriting positions.
Challenges Ahead
- Increasingly uncertain global risk environment.
- Complex accounting treatment of deconsolidation.
- Prior year divestitures.
- Increase in catastrophe losses year-over-year.
- Lower underwriting income in General Insurance due to business divestitures.