Strong Financial Performance
AIG reported adjusted after-tax income per diluted share of $2.20, an increase of 77% year-over-year. Adjusted after-tax income for the quarter was $1.2 billion, up 52% year-over-year.
General Insurance Business Success
Underwriting income was $793 million, an increase of 81% year-over-year. Net investment income on an adjusted pretax basis was $1 billion, up 15% year-over-year.
Strategic Investments
AIG announced strategic investments with Convex Group, Onex Corporation, and a transaction with Everest Group, all expected to be accretive to earnings, EPS, and ROE within a year post-closing.
Operational Efficiency
The General Insurance expense ratio improved by 100 basis points year-over-year to 30.9%, with expectations to achieve a target of below 30% by 2027.
Technological Advancements
AIG made significant advancements in GenAI initiatives, deploying solutions to improve underwriting and claims processes, aiming for increased efficiency and growth.
Capital Management
AIG returned $1.5 billion of capital to shareholders in the third quarter, through share repurchases and dividends, and reduced debt by $4.5 billion over the past three years.