AIG reports $922m profit for quarter

  • Brian Duperreault, CEO of AIG (File photograph)

    Brian Duperreault, CEO of AIG (File photograph)

American International Group has reported a profit of $922 million, or $1.03 per diluted common share, for the fourth quarter.

That compares to a net loss of $622 million, or 70 cents per share, in the prior-year quarter.

The company said the improvement was primarily due to the favourable impact of general insurance underwriting and reinsurance actions, favourable net prior year loss reserve development of $153 million (pre-tax) compared to unfavourable net.

In addition, there was a reduction in pre-tax net catastrophe losses of $385 million year-on-year, and an increase of $833 million (pre-tax) in net investment income.

For the full year, net income was $3.3 billion, or $3.74 per share, compared to a loss of $6 million, or one cent per common share, in 2018.

Brian Duperreault, AIG’s chief executive officer, said: “Our financial results for the fourth quarter and for full year reflect the significant progress we made over the course of 2019 to position AIG for long-term, sustainable and profitable growth.”

He added: “As we look to 2020, we will continue to be laser focused on executing on our strategy to position AIG as both a leading insurance franchise and a top-performing company and we remain committed to achieving a 10 per cent adjusted ROCE by the end of 2021.

“In addition to continued work as part of the turnaround of general insurance, AIG 200 will be a top priority. AIG 200 is our multiyear, enterprise-wide transformation programme focused on the long-term strategic positioning of AIG and designed to achieve operational excellence.

“I remain confident we are on the right path at AIG and am very proud of what our colleagues accomplished since I joined the company in 2017. We entered 2020 with great momentum and excitement about what the future holds for AIG.”

You must be registered or signed-in to post comment or to vote.

Published Feb 13, 2020 at 5:07 pm (Updated Feb 13, 2020 at 5:07 pm)

AIG reports $922m profit for quarter

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries

    eMoo Posts