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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)