AIG posts lower profits in 2023
AIG posts lower profits in 2023 | Insurance Business New Zealand
Insurance News
AIG posts lower profits in 2023
Figures down in the fourth quarter and full year
Insurance News
By
Terry Gangcuangco
It’s the turn of American International Group (AIG) to share its financial results for the quarter and year ended December 31, 2023.
Here’s how the global insurer fared in the two periods:
Metric
Q4 2023
Q4 2022
FY 2023
FY 2022
Net income attributable to AIG common shareholders
US$86 million
US$545 million
US$3.6 billion
US$10.2 billion
Adjusted pre-tax income (loss) – general insurance
US$1.4 billion
US$1.2 billion
US$5.4 billion
US$4.4 billion
Adjusted pre-tax income (loss) – life & retirement
US$957 million
US$852 million
US$3.8 billion
US$3.3 billion
Net investment income
US$3.9 billion
US$3.3 billion
US$14.6 billion
US$11.8 billion
Adjusted after-tax income attributable to AIG common shareholders
US$1.3 billion
US$1.1 billion
US$4.9 billion
US$4 billion
The decline in 2023 net income was mainly attributed to net realised losses largely related to Fortitude Re funds withheld embedded derivative at life & retirement as well as derivative activity.
Commenting on the numbers, AIG chair and chief executive Peter Zaffino said in a release: “In 2023, AIG delivered outstanding financial results, highlighted by excellent underwriting performance and the successful execution of multiple complex initiatives, while delivering exceptional value for our clients and stakeholders.
“Our substantial progress reflects the dedication and teamwork of our AIG colleagues around the world who have delivered on our objectives. The full-year adjusted after-tax income per diluted share increased 33% from the prior year to US$6.79.
“We have further repositioned AIG for the future with the divestitures of Validus Re and Crop Risk Services, and we enter 2024 with significant momentum.”
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