Q1 2024 American International Group Inc Earnings Call Transcript
Key Points
- Adjusted after-tax income increased to $1.2 billion, representing a 9% increase in earnings per share year-over-year.
- Consolidated net investment income on an adjusted pretax income basis rose to $3.5 billion, a 13% increase year-over-year.
- General Insurance underwriting income grew to $596 million, a 19% increase year-over-year, reflecting improved accident year results and lower catastrophe-related losses.
- Life and Retirement segment reported strong results with premiums and deposits of $10.7 billion, marking the highest quarterly result in the last decade.
- AIG returned over $2.4 billion to shareholders through stock repurchases and dividends, and increased the quarterly common stock dividend by 11%.
- Net premiums written in General Insurance were impacted negatively by the dispositions of Validus Re and Crop Risk Services.
- North America Commercial Lines underwriting income was down $95 million from the prior year quarter as reported.
- International Commercial net premiums written were flat for the quarter, with declines in Global Specialty business due to top line weakness in energy.
- The competitive environment in Financial Lines remains challenging with continued headwinds on rate.
- The accident year combined ratio in North America Personal, including catastrophe, showed an 870 basis point improvement year-over-year, indicating ongoing challenges in achieving underwriting profitability.
Good day, and welcome to AIG's First Quarter 2024 Financial Results Conference Call. This conference is being recorded.
Now at this time, I would like to turn the conference over to Quentin McMillan. Please go ahead.
Good morning, and thanks very much. Today's remarks may include forward-looking statements which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based on management's current expectations. AIG's filings with the SEC provide details on important factors that could cause actual results or events to differ materially. Except as required by applicable securities laws, AIG is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change.
Today's remarks may also refer to non-GAAP financial measures. A reconciliation of such measures to the most comparable GAAP figures is included in our financial supplement and
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |