AIG releases Q3 monetary outcomes

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

As for the adjusted after-tax earnings attributable to AIG widespread shareholders, the slide was attributed to the smaller web funding earnings. Compared to Q3 final yr, AIG’s whole consolidated web funding earnings fell 28% primarily as a result of decrease different funding earnings, decrease name and tender earnings, and decrease returns from truthful worth choice fairness securities.

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

“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,” mentioned 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.”

AIG’s Q3 underwriting earnings from basic 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 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,” famous Zaffino.