AIG has posted web revenue attributable to shareholders of $1.48bn for the second quarter of 2023, down 46% in contrast with $2.7bn a yr in the past.
The insurer attributed the decline in earnings to diminished features on the Fortitude Re fund, greater catastrophic losses, and decrease web beneficial reserve improvement.
Internet revenue per diluted share attributable to AIG frequent shareholders was $2.03 versus $3.43 a yr earlier.
For the quarter ended 30 June 2023, pre-tax revenue from persevering with operations fell to $1.9bn from $3.9bn a yr earlier.
AIG chairman and CEO Peter Zaffino mentioned: “Second quarter adjusted after-tax revenue attributable to AIG frequent shareholders per diluted frequent share was $1.75, AIG’s highest adjusted EPS since 2007, representing one other important milestone on our path towards sustainable earnings development over the long-term.”
“Our skill to proceed to develop, handle volatility and enhance profitability displays our dedication to underwriting and operational excellence.”
The overall insurance coverage enterprise of the corporate registered a ten% rise in web premiums written (NPW) to $7.5bn from $6.9bn final yr.
Gross premiums written (GPW) for the quarter was $10.4bn within the phase, up 9% from $9.6bn within the prior yr quarter.
Underwriting revenue declined 26% to $594m from $799m final yr.
The corporate’s life and retirement phase reported adjusted pre-tax revenue of $991m for the quarter, a surge of 33% versus $747m a yr in the past.
Complete consolidated web funding revenue was $3.6bn for the most recent quarter, marking a 37% improve from $2.6bn within the prior yr quarter.
The insurer introduced a quarterly money dividend of $0.36 per frequent share for the quarter.
