Sunday, January 29th, 2023

AIG studies This autumn and full-year 2021 monetary outcomes

For the fourth quarter, AATI was US$1.3 billion, or US$1.58 per diluted frequent share, in comparison with US$827 million, or US$0.94 per diluted frequent share, within the prior 12 months quarter. Fourth quarter 2021 internet revenue attributable to AIG frequent shareholders was US$3.7 billion, in comparison with a internet lack of US$60 million in the identical interval of 2020.

AIG attributed the rise in revenue primarily to the robust underwriting ends in Normal Insurance coverage, the place internet premiums written grew 7% in This autumn of 2021 in comparison with the prior-year quarter, and 13% for FY21, pushed by world business traces development of 13% within the fourth quarter and 18% for the complete 12 months.

The Normal Insurance coverage enterprise reported an underwriting revenue for FY21 and for each quarter of the 12 months, which Zaffino stated was “because of disciplined execution and volatility discount in an setting of ever-increasing pure disaster danger.”

The unit’s mixed ratio improved by 10.4 factors within the fourth quarter of 2021, in comparison with the prior-year interval, hitting 92.4%. As burdened by Zaffino, the advance displays decrease CATs and total robust underwriting outcomes pushed by enhancements in each the loss and expense ratios of 8.4 factors and a pair of.0 factors, respectively.

“Within the fourth quarter and full 12 months 2021, AIG delivered excellent monetary outcomes with Normal Insurance coverage persevering with to provide improved underwriting profitability by means of wonderful prime line development and vastly diminished volatility because of gross restrict reductions and the strategic use of reinsurance, and Life and Retirement once more making a significant contribution to our total outcomes,” stated Zaffino. “We ended the 12 months with father or mother liquidity of US$10.7 billion. The standard of those outcomes is because of our world colleagues’ onerous work, dedication and dedication to excellence in every thing we do.”

AIG’s Life and Retirement phase delivered what the CEO described as “one other stable quarter” in This autumn because of its diversified enterprise, elevated annuity gross sales, and the favorable affect of fairness markets on each the funding portfolio and payment revenue.

The unit reported adjusted pre-tax revenue of US$969 million for This autumn, down 6% from the prior 12 months quarter, however this was partially offset by greater payment revenue and various funding revenue. Premiums written had been US$2.7 billion within the fourth quarter, up fromUS$1 billion within the prior-year quarter, pushed by greater pension danger switch gross sales.

“Since asserting our intent to separate Life and Retirement from AIG, now we have made vital progress in making ready the enterprise to be an unbiased, standalone firm, together with closing on the sale of a 9.9% fairness stake to Blackstone in November 2021,” stated Zaffino. “Over the course of 2021, we diminished debt and most popular inventory leverage by 380 foundation factors to 24.6% by repurchasing US$4 billion of debt, and we returned US$3.7 billion to shareholders by means of frequent inventory repurchases and dividends.”

The CEO concluded his evaluation with the optimistic looking-forward assertion: “AIG entered 2022 higher, stronger, and nicely positioned to proceed to ship worth to all stakeholders as we proceed our journey to be a prime performing firm.”   

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