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AIG releases Q3 monetary outcomes









Consequence

Q3 2022

Q3 2021

Internet earnings attributable to AIG frequent shareholders

$2.7 billion

$1.7 billion

Adjusted pre-tax earnings

$725 million

$1.1 billion

Internet funding earnings

$2.7 billion

$3.7 billion

Adjusted after-tax earnings attributable to AIG frequent shareholders

$509 million

$837 million

   

Of the adjusted pre-tax earnings, $750 million got here from normal insurance coverage whereas life & retirement contributed $589 million. Each figures characterize a decline from the third quarter of 2021.

As for the adjusted after-tax earnings attributable to AIG frequent shareholders, the slide was attributed to the smaller web funding earnings. In comparison with Q3 final 12 months, AIG’s whole consolidated web funding earnings fell 28% primarily because of decrease different funding earnings, decrease name and tender earnings, and decrease returns from honest worth possibility fairness securities.

Zaffino’s camp, however, is happy with the quarterly monetary outcomes.

“AIG had one other very robust quarter of economic efficiency, pushed by our profitable execution of strategic priorities, and highlighted by the preliminary public providing of Corebridge, one other main accomplishment by our workforce, in addition to continued worthwhile underwriting outcomes and decreased volatility basically insurance coverage,” mentioned the CEO.

“These outcomes are much more spectacular when seen in opposition to the backdrop of a difficult macro-economic atmosphere and one of many largest insured-loss hurricanes in US historical past.”

AIG’s Q3 underwriting earnings from normal insurance coverage grew from $20 million in 2021 to $168 million this time round. Of the quantity, $607 million got here from the corporate’s worldwide operations whereas North America took a beating within the type of a $439 million underwriting loss.

“The robust efficiency basically insurance coverage demonstrates the advantages of the high-quality work we’ve got accomplished to remodel our international portfolio and implement a best-in-class reinsurance program, which collectively have dramatically lowered volatility,” famous Zaffino.  

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