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Jun 30, 2024
AIG Q2 2024 Earnings Report
AIG reported exceptional results, marked by the successful Corebridge Financial deconsolidation.
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
AIG
AIG Revenue by Segment
Revenue by Segment
General Insurance Revenue
CapyFin.com 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.