- Lloyd's announces key appointments for the governance and delivery of the Future at Lloyd’s Blueprint One programme together with confirmation of the raising of £300m of senior debt to fund the transformation
- Insurance Europe new publication-"Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation
- Geneva Association Women in Insurance Award launched
- CII PublicTrust survey indicates UK consumers want action on renewal pricing
- Willis Towers Watson launches ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17
- Duck Creek announces that four leading investment firms have invested $120m in the company
- FRISS to partner with National Insurance Crime Bureau(NICB) expired
- City Insurance shows impressive growth expired
- Canopius appointsTongue as underwriter, trade & political risk expired
- Hannover Re and Global Parametrics in partnership with BMZ and KfW to form Natural Disaster Fund(NDF) Deutschland expired
- Victor Insurance Holdings announces approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective 1st January expired
- BMS announces appointments to its US reinsurance team expired
11th August 2019
AIG's CEO Duperreault comments “Our strong second quarter performance demonstrated continued positive momentum throughout the first half of 2019"
Net income attributable to AIG common shareholders was $1.1bn, or $1.24 per diluted common share, for the second quarter, compared to $937m, or $1.02 per diluted common share, in the prior-year quarter.
Adjusted after-tax income attributable to AIG common shareholders was $1.3bn, or $1.43 per diluted common share, compared to adjusted after-tax income attributable to AIG common shareholders of $961m, or $1.05 per diluted common share.
General Insurance delivered a second consecutive quarter of underwriting profitability, achieving a combined ratio of 97.8 and an accident year combined ratio, as adjusted, of 96.1, driven by continued underwriting, reinsurance and expense discipline.
Life and Retirement posted a 17.3% adjusted return on common equity(ROCE), reflecting strong private equity returns, investment gains resulting from lower interest rates and solid in force profitability.
Total consolidated net investment income was $3.7bn, compared to $3.1bn, reflecting favourable market performance and noteworthy income within the private equity portfolio.
Brian Duperreault, AIG’s president and ceo, comments “Our strong second quarter performance demonstrated continued positive momentum throughout the first half of 2019. The additional progress on our path to long-term sustainable and profitable growth reflected in this quarter’s results was driven by the foundational changes we implemented across AIG last year. General Insurance achieved its second consecutive quarter of underwriting profitability resulting from underwriting and expense discipline, and reinsurance actions, and remains on track to deliver an underwriting profit for the full year. Life and Retirement delivered another quarter of solid in force profitability and double-digit adjusted ROCE, and Life and Retirement expects to deliver full year adjusted ROCE in the low-to mid-teens range, as we stated previously.
Looking ahead, we remain diligently focused on executing against our strategy to reposition AIG as the leading insurance company in the world, and we continue to expect to achieve double-digit ROCE for consolidated AIG by year-end 2021.”
AIG Trends(677 articles)