American International Group, Inc. (NYSE: AIG) recently reported financial results for the second quarter ended June 30, 2023.
AIG Chairman & Chief Executive Officer Peter Zaffino said: “In the second quarter, we continued to build on our momentum, delivering outstanding financial results as well as successfully executing on multiple strategic priorities. Second quarter adjusted after-tax income attributable to AIG common shareholders per diluted common share was $1.75, AIG’s highest adjusted EPS since 2007, representing another significant milestone on our path toward sustainable earnings growth over the long-term.
“In General Insurance, continued accident year underwriting margin improvement and strong growth resulted in yet another quarter of excellent financial results. Net premiums written increased 11% year-over-year and Commercial Lines net premiums written grew 13% driven by strong growth in North America Commercial Lines of 18%. North America Commercial rate increased 8% or 9% excluding Workers’ Compensation while International Commercial rate increased 9%.
“The General Insurance combined ratio was 90.9%, inclusive of $250 million of catastrophe losses, or 3.9 loss ratio points, a tremendous result against the backdrop of a very challenging quarter for the industry. The second quarter accident year combined ratio, ex-CAT, was 88.0% and the lowest ratio recorded for the second quarter since 2007. This ratio improved by 50 basis points year-over-year and was driven by an excellent Global Commercial accident year combined ratio, ex-CAT, of 84.4%.
BUYBACK
AIG noted;
“In the second quarter of 2023, AIG repurchased $554 million of common stock, or approximately 10 million shares, paid $268 million of common and preferred dividends and repaid $388 million of debt maturities. AIG also received proceeds of approximately $1.2 billion from the Corebridge secondary offering, $264 million from the Corebridge special dividend and $180 million from the Corebridge share repurchase, contributing to parent liquidity of $4.3 billion as of June 30, 2023.”
The full financials are at the AIG website here by the way.
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