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.
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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.