AIG has reported web revenue attributable to frequent shareholders of $2.02bn within the third quarter (Q3) of 2023, a decline of 26.3% from $2.74bn a 12 months in the past.
For the quarter that ended 30 September 2023, web revenue per diluted share attributable to the corporate’s frequent shareholders was $2.81 versus $3.55 final 12 months.
The decline in revenue was attributed to a drop in web realised beneficial properties, together with and excluding Fortitude Re funds withheld property in addition to embedded derivatives.
Web funding revenue for the quarter was $3.55bn, a surge of 33% in contrast with $2.66bn a 12 months earlier.
Adjusted pre-tax revenue was $1.87bn versus $920m in Q3 of final 12 months.
Adjusted after-tax revenue (AATI) attributable to AIG frequent shareholders elevated to $1.15bn from $644m in the identical quarter a 12 months in the past.
Entry essentially the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nonetheless, we would like you to take advantage of
useful
choice for your small business, so we provide a free pattern that you could obtain by
submitting the under type
By GlobalData
AIG’s Normal Insurance coverage underwriting revenue soared by 264% to $611m from $168m within the prior 12 months quarter.
Web premiums written (NPW) on this phase stood at $6.46bn, up 1% year-over-year.
Normal insurance coverage gross premiums written declined by 4% to $8.87bn from $9.23bn within the year-ago interval.
The life and retirement phase’s adjusted pre-tax revenue was $971m, marking a 24% improve from $784m.
AIG chairman and CEO Peter Zaffino mentioned: “Our continued consideration to underwriting excellence and portfolio optimisation has manifested in excellent outcomes for basic insurance coverage.
“The overall insurance coverage mixed ratio improved to 90.5%. The mixed ratio included $462m of complete catastrophe-related costs or 6.9 loss ratio factors. Accident 12 months mixed ratio, as adjusted, of 86.3% represents an enchancment of 210 foundation factors from the prior-year quarter.”
In a separate improvement, AIG has introduced the completion of the sale of Validus Re to RenaissanceRe for a complete money consideration of $3.3bn, together with the pre-closing dividend and $275m in RenaissanceRe frequent shares.