AIG publishes earnings report for Q3 2023

American Worldwide Group has revealed its earnings report for the third quarter of 2023 – a interval during which the worldwide insurer delivered “distinctive” monetary outcomes, in response to chair and chief govt Peter Zaffino (pictured).

Beneath are the numbers for AIG within the three months ended September 30.

In a launch, AIG famous: “The rise in AATI was resulting from larger underwriting revenue on the whole insurance coverage, larger internet funding revenue, and higher leads to different operations, partially offset by a rise in adjusted revenue tax bills in addition to a rise in non-controlling curiosity expense as a result of Corebridge secondary providing.”

The corporate’s basic insurance coverage enterprise posted an 82% enhance in adjusted pre-tax revenue for the quarter, whereas life and retirement noticed a 24% leap. Different operations, nevertheless, suffered an adjusted pre-tax loss, albeit the determine was smaller in comparison with the loss a yr in the past.  

Commenting on AIG’s efficiency, Zaffino stated: “Within the third quarter, AIG delivered distinctive outcomes pushed by continued enchancment in underwriting profitability and an impressive quarter in our industrial traces enterprise with an 81.7% accident yr mixed ratio, as adjusted.

“This quarter’s adjusted after-tax revenue per diluted share of $1.61 elevated 92% from the prior yr quarter. Our relentless concentrate on our strategic priorities has enabled us to speed up our execution and generate important sustainable worth for shareholders and different stakeholders.”

“We obtained complete consideration of $3.3 billion in money, together with a pre-closing dividend, and roughly $275 million in RenaissanceRe inventory,” Zaffino added. “This sale considerably contributes to our efforts to streamline our enterprise mannequin, simplify our portfolio, and additional scale back volatility.”

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