Friday, July 1st, 2022

AIG publishes Q1 2022 outcomes


Within the three months ended March 31, the insurance coverage group posted a better internet earnings attributable to AIG frequent shareholders – from $3.9 billion in Q1 2021 to $4.3 billion this time round. When it comes to adjusted pre-tax earnings (APTI) / (loss), right here’s how AIG fared within the interval:








Supply

Q1 2022 APTI/(APTL)

Q1 2021 APTI/(APTL)

Basic insurance coverage

US$1.2 billion

US$845 million

Life and retirement

US$724 million

US$941 million

Different operations

US$(421 million)

US$(530 million)

Group

US$1.5 billion

US$1.3 billion

 

Below basic insurance coverage, AIG’s underwriting earnings within the first quarter amounted to $446 million. In the identical span in 2021, the corresponding determine was $73 million. In the meantime the life and retirement enterprise, if issues go as supposed, will likely be separated from the group.

AIG made the next pronouncement: “Whereas we at the moment imagine the IPO (preliminary public providing) is the subsequent step within the separation of the life and retirement enterprise from AIG, no assurance might be given relating to the shape that future separation transactions might take or the precise phrases or timing thereof, or {that a} separation will in truth happen.

“Any separation transaction will likely be topic to the satisfaction of varied situations and approvals, together with approval by the AIG board of administrators, receipt of insurance coverage and different required regulatory approvals, and satisfaction of any relevant necessities of the [US] Securities and Change Fee.”

It was in October 2020 when the corporate revealed its plan to demerge the life and retirement operations from AIG. For Zaffino, “vital progress” has been made to organize the unit to be a standalone, public agency.

In the meantime, commenting on the group numbers, the CEO famous: “Within the first quarter of 2022, AIG delivered glorious outcomes, whereas concurrently advancing numerous strategic, operational, and monetary priorities.” He highlighted how the overall insurance coverage enterprise continues to generate “top-line progress” whereas driving sustainable underwriting enchancment and expense self-discipline.

“I’m extraordinarily pleased with the excellent work from our international colleagues and the worth we proceed to ship for our shoppers, distribution companions, shareholders, and different stakeholders as we proceed our journey to be a top-performing firm,” added the AIG boss.



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