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AIG Reports First Quarter 2019 Results

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  • Topics:
    • Financial Results
    • Topical Trends

General Insurance achieved a combined ratio of 97.4 and an accident year combined ratio, as adjusted, of 96.1, driven by improvements to underwriting fundamentals, reinsurance actions and continued expense discipline...

 

  • Life and Retirement posted a double-digit adjusted return on common equity (ROCE), reflecting a broad platform and supported by favorable market performance.
  • Total consolidated net investment income was $3.9 billion in the first quarter of 2019, compared to $3.3 billion in the prior-year quarter, reflecting favorable market performance.
  • Net income was $654 million, or $0.75 per diluted share, for the first quarter of 2019, compared to net income of $938 million, or $1.01 per diluted share, in the prior-year quarter.
  • Adjusted after-tax income was $1.4 billion, or $1.58 per diluted share, for the first quarter of 2019, compared to adjusted after-tax income of $963 million, or $1.04 per diluted share, in the prior-year quarter.

 

American International Group, Inc. (NYSE: AIG) has reported net income of $654 million, or $0.75 per diluted share, for the first quarter of 2019, compared to net income of $938 million, or $1.01 per diluted share, in the prior-year quarter. Adjusted after-tax income was $1.4 billion, or $1.58 per diluted share, for the first quarter of 2019, compared to adjusted after-tax income of $963 million, or $1.04 per diluted share, in the prior-year quarter.

 

Brian Duperreault, AIG’s President and Chief Executive Officer, said: “Our first quarter results represented strong performance, particularly in General Insurance, reflecting significant foundational work throughout 2018 to position AIG for sustainable, profitable growth. General Insurance achieved an underwriting profit driven by underwriting and expense discipline, improved business mix and reinsurance actions. We achieved an underwriting profit on a calendar year and accident year basis in the first quarter and we expect that to continue for the full year. Life and Retirement delivered solid performance, benefiting from diversification of product and distribution channels. We expect Life and Retirement to continue to deliver a low- to-mid teens adjusted ROCE, and we expect to reach a double-digit adjusted ROCE for consolidated AIG within three years.”

 

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