AIG Earning Date, Transcript Summary & Report

Earnings Growth and Management: Adjusted after-tax income was $798 million or $1.23 per diluted share, representing a 31% increase in earnings per share year-over-year, driven by strong core earnings growth and disciplined execution of our capital management strategy.

Underwriting Income Analysis: Underwriting income for the quarter was $437 million, which included total catastrophe related charges of $417 million.

Combined Ratio Analysis: The calendar year combined ratio was 92.6%.

Net Investment Income Growth: Consolidated net investment income on an adjusted pre-tax income basis was $897 million, a 19% increase year-over-year.

Shareholder Returns Overview: In the third quarter, we returned approximately $1.8 billion to shareholders through $1.5 billion of stock repurchases and $254 million of dividends.

Pre-Tax Income Improvement: Adjusted pre-tax income was $143 million, a nearly 50% year-over-year improvement driven by lower GOE and interest expense and higher net investment income, which totaled $125 million in the quarter.

Combined Ratio Analysis: The accident year combined ratio as adjusted was 88.3%, about 140 basis points higher than last year, principally due to changes in premium mix and reinstate structure and favorable actual versus expected experience in the third quarter of 2023.

Accident Year Loss Ratio: The accident year loss ratio was 61.8% for the quarter, which was an increase of 250 basis points year-over-year and reflected two main variables.

Accident Year Loss Ratio: The accident year loss ratio was 56.4% for the quarter, including the impact of the closeout transaction and 56.4% year-to-date, flat with the first nine months of 2023.

Combined Ratio Improvement: The accident year combined ratio as adjusted was 88.1%, down 60 basis points from 2023.