AIG releases Q3 financial results

AIG releases Q3 financial results




Result



Q3 2022



Q3 2021





Net income attributable to AIG common shareholders



$2.7 billion



$1.7 billion





Adjusted pre-tax income



$725 million



$1.1 billion





Net investment income



$2.7 billion



$3.7 billion





Adjusted after-tax income attributable to AIG common shareholders



$509 million



$837 million




   

Of the adjusted pre-tax income, $750 million came from general insurance while life & retirement contributed $589 million. Both figures represent a decline from the third quarter of 2021.

As for the adjusted after-tax income attributable to AIG common shareholders, the slide was attributed to the smaller net investment income. Compared to Q3 last year, AIG’s total consolidated net investment income fell 28% primarily due to lower alternative investment income, lower call and tender income, and lower returns from fair value option equity securities.

Zaffino’s camp, nevertheless, is pleased with the quarterly financial results.

“AIG had another very strong quarter of financial performance, driven by our successful execution of strategic priorities, and highlighted by the initial public offering of Corebridge, another major accomplishment by our team, as well as continued profitable underwriting results and decreased volatility in general insurance,” said the CEO.

“These results are even more impressive when viewed against the backdrop of a challenging macro-economic environment and one of the largest insured-loss hurricanes in US history.”

See also  Leadenhall signs AUS-NZ ILS fund distribution agreement with Bennelong

AIG’s Q3 underwriting income from general insurance grew from $20 million in 2021 to $168 million this time around. Of the amount, $607 million came from the company’s international operations while North America took a beating in the form of a $439 million underwriting loss.

“The strong performance in general insurance demonstrates the benefits of the high-quality work we have done to transform our global portfolio and implement a best-in-class reinsurance program, which together have dramatically reduced volatility,” noted Zaffino.