AIG annouces Fourth Quarter and Full Year 2019 Results

AIG-Chief-Exectuive-Officer-Brian-Duperreault

Net income attributable to AIG common shareholders was $922 million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared to a net loss attributable to AIG common shareholders of $622 million, or $0.70 per common share, in the prior-year quarter.

Adjusted after-tax income attributable to AIG common shareholders was $919 million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared to an adjusted after-tax loss attributable to AIG common shareholders of $559 million, or $0.63 per common share, in the prior-year quarter.

General Insurance posted a combined ratio of 99.8 and an accident year combined ratio, as adjusted, of 95.8, compared to 115.0 and 98.8, respectively, in the prior-year quarter, driven by lower catastrophe losses, continued underwriting and reinsurance actions, and expense discipline. For full year 2019, General Insurance posted a combined ratio of 99.6 and an accident year combined ratio, as adjusted, of 96.0, compared to 111.4 and 99.7, respectively, in the prior year.

Life and Retirement adjusted pre-tax income of $839 million compared to $623 million in the prior-year quarter.

Total consolidated net investment income was $3.6 billion in the fourth quarter of 2019 compared to $2.8 billion in the prior-year quarter, reflecting higher alternative investment returns.

Book Value per common share was $74.93 at December 31, 2019, an increase of 15% compared to December 31, 2018. Book value per common share excluding accumulated other comprehensive income (AOCI) and deferred tax assets (DTA) (Adjusted book value per common share) was $58.89, an increase of 7% compared to December 31, 2018.

Return on Common Equity (ROCE) and Return on Common Equity excluding AOCI and DTA (Adjusted ROCE) were 5.3% and 8.3%, respectively, for the twelve months ended December 31, 2019.

American International Group, Inc. has reported net income attributable to AIG common shareholders of $922 million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared to a net loss attributable to AIG common shareholders of $622 million, or $0.70 per common share, in the prior-year quarter. The improvement was primarily due to the favorable impact of General Insurance underwriting and reinsurance actions, favorable net prior year loss reserve development of $153 million (pre-tax) compared to unfavorable net prior year loss reserve development of $365 million (pre-tax) in the prior-year quarter, a reduction in pre-tax net catastrophe losses of $385 million compared to the prior-year quarter, and an increase of $833 million (pre-tax) in net investment income compared to the prior-year quarter. Adjusted after-tax income attributable to AIG common shareholders was $919 million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared to an adjusted after-tax loss attributable to AIG common shareholders of $559 million, or $0.63 per common share, in the prior-year quarter. The improvement was primarily due to the favorable impact of General Insurance underwriting and reinsurance actions, lower catastrophe losses and an increase in net investment income compared to the prior-year quarter.

To view the full results for AIG, including commentary from Chief Exectuive Officer Brian Duperreault, CLICK HERE

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