American International Group, Inc. ( (AIG) ) has released its Q3 earnings. Here is a breakdown of the information American International Group, Inc. presented to its investors.
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American International Group, Inc. (AIG) is a leading global insurance organization offering a range of insurance solutions to businesses and individuals in approximately 190 countries and jurisdictions. The company is noted for its extensive network and comprehensive risk management services.
American International Group, Inc. reported strong financial results for the third quarter of 2024, with notable growth in their Global Commercial business and a focus on underwriting excellence. Despite a decline in net income compared to the previous year, attributed to accounting changes, AIG demonstrated robust capital management and returned significant capital to shareholders.
Key financial metrics for the quarter included a slight decline in General Insurance net premiums written to $6.4 billion, but a 6% increase on a comparable basis. The Global Commercial Lines also saw a 7% growth on a comparable basis with significant contributions from North America. AIG’s adjusted after-tax income per diluted share rose to $1.23, marking an 18% year-over-year increase. The company also returned approximately $1.8 billion to shareholders through stock repurchases and dividends.
The company continues to execute its strategic priorities, emphasizing underwriting discipline and capital management. With a focus on its Global Commercial Lines and consistent capital returns, AIG maintains a solid liquidity position and aims for continued growth and stability. The company has effectively managed a challenging environment with commendable underwriting results despite significant catastrophe-related charges.
Going forward, AIG remains committed to enhancing its financial strength and delivering value to its stakeholders. The company aims to maintain its focus on underwriting excellence and strategic capital management to navigate future challenges and leverage growth opportunities.
