AIG sees lower earnings in 2023
AIG sees lower earnings in 2023 | Insurance Business America
Insurance News
AIG sees lower earnings in 2023
Numbers down both in Q4 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
$86 million
$545 million
$3.6 billion
$10.2 billion
Underwriting income
$642 million
$635 million
$2.3 billion
$2 billion
Combined ratio
89.1%
89.9%
90.6%
91.9%
Adjusted pre-tax income (loss) – general insurance
$1.4 billion
$1.2 billion
$5.4 billion
$4.4 billion
Adjusted pre-tax income (loss) – life & retirement
$957 million
$852 million
$3.8 billion
$3.3 billion
Net investment income
$3.9 billion
$3.3 billion
$14.6 billion
$11.8 billion
Adjusted after-tax income attributable to AIG common shareholders
$1.3 billion
$1.1 billion
$4.9 billion
$4 billion
The decline in 2023 net income was mainly attributed to net realized 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 $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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