American International Group, Inc. AIG released its fourth-quarter financial results after the closing bell on Tuesday. Here’s an overview of the key points.
The Key Points:
AIG announced its quarterly earnings of $1.79 per share, surpassing the analyst consensus estimate of $1.64 by 9.15%. The company reported fourth-quarter net premium written of $5.61 billion, a 3% increase year-over-year.
For the fourth quarter of 2023, AIG reported total net investment income of $3.9 billion, a substantial rise of 21% from $3.3 billion year-over-year, primarily driven by higher income from fixed maturity securities and loans due to increased reinvestment rates.
AIG’s CEO, Peter Zaffino, expressed, “In 2023, AIG achieved outstanding financial results, highlighted by excellent underwriting performance and the successful execution of multiple complex initiatives, while delivering exceptional value for our clients and stakeholders. Our significant progress reflects the dedication and teamwork of our AIG colleagues worldwide, who have accomplished our objectives.”
Zaffino added, “The full-year adjusted after-tax income per diluted share increased 33% from the prior year to $6.79. We have further repositioned AIG for the future with the divestitures of Validus Re and Crop Risk Services, and we enter 2024 with significant momentum.”
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AIG Stock Movement: According to Benzinga Pro, American International Group shares are trading down 1.51% after-hours at $69.03 at the time of publication.
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