For This fall 2022, pre-tax revenue from persevering with operations was $279 million, down from $5 billion within the prior yr quarter, AIG mentioned.
The full yr enchancment was “largely driven by net realized gains on Fortitude Re funds withheld embedded derivative, strong General Insurance underwriting results, which almost doubled year-over-year, and lower interest expense benefiting from liability management actions, partially offset by lower alternative investment income and call and tender income,” AIG mentioned in a outcomes launch.
Peter Zaffino, AIG chairman and CEO, hailed an “extraordinary year of progress”.
“We continued to improve the profitability of our general insurance business, closing the year with the strongest underwriting results the business has ever achieved and with the second consecutive year of underwriting profitability improving by $1 billion,” Zaffino mentioned.
“In addition, we made appreciable progress on the separation of our life and retirement enterprise and accomplished the preliminary public providing (IPO) of Corebridge Financial in September 2022.
“We reached significant milestones on AIG 200 that modernized our technology infrastructure and operational capabilities, while executing on our target run-rate savings of $1 billion six months ahead of schedule.”
Also famous by Zaffino was a revamp of AIG’s funding administration technique. AIG has transferred roughly $50 billion of property to Blackstone, and $150 billion to BlackRock, Zaffino mentioned.
“In 2022 our colleagues across the globe aligned behind common goals and maintained a steadfast commitment to executing with the highest quality, and I am incredibly proud of the meaningful progress we made,” the CEO and chairman mentioned.
While Zaffino mentioned the world is going through “uncertainties” in 2023, he mentioned that AIG was “better positioned than ever” to carry out effectively.