Insurance coverage main AIG has posted internet revenue attributable to its widespread shareholders of $459m in Q3 2024, in contrast with $2.02bn throughout the identical year-ago interval.
Internet revenue per diluted share attributable to AIG widespread shareholders was $0.71, a stark distinction to the $2.81 per share within the prior yr’s quarter.
The corporate attributed the decline to a discount in internet revenue from discontinued operations following the deconsolidation of Corebridge.
In Q2 2024, AIG reported an attributable internet loss of $3.98bn.
Q3 additionally noticed a slight lower in internet premiums written, down by 1% to $6.46bn from $6.38bn within the earlier yr, largely because of the divestiture of Validus Re.
Regardless of the drop in internet premiums written, AIG skilled a 6% improve on a comparable foundation, bolstered by a 7% progress in World Business and a 3% progress in World Private Insurance coverage.
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The corporate’s whole internet funding revenue rose by 14% to $973m, up from $856m within the prior yr quarter.
Disaster-related prices for the quarter totalled $417m, with $324m attributed to North American operations, primarily because of windstorms and hailstorms, and $93m to worldwide operations.
AIG returned roughly $1.8bn of capital to shareholders in Q3 by $1.5bn of inventory repurchases and $254m in widespread inventory dividends.
The AIG board additionally declared a quarterly money dividend of $0.40 per share on AIG widespread inventory.
AIG chairman and CEO Peter Zaffino mentioned: “AIG delivered wonderful third quarter monetary outcomes with sturdy profitability and progress throughout our companies, highlighting the standard of the underwriting portfolio and our means to ship constant earnings.
“These outcomes exhibit AIG’s means to persistently ship underwriting excellence and capital administration self-discipline and the profitable execution of our priorities.”
