NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced that its Board of Directors has elected John (Chris) Inglis as an independent Director, effective March 1, 2024. A former National Cyber Director and an advisor to President of the United States Joe Biden on cybersecurity from 2021 to 2023, Mr. Inglis is a leading expert on cyber intelligence and security, with a distinguished career in U.S. federal defense, public and private sector service, and academia. After 43 ...

NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced that it will redeem all outstanding shares of its Series A 5.85% Non-Cumulative Perpetual Preferred Stock (CUSIP 026874 750 / ISIN US0268747500) (the “Series A Preferred Stock”) and all the corresponding Depositary Shares (CUSIP 026874 768 / ISIN US0268747682) (the “Depositary Shares”), each representing a 1/1,000th interest in a share of Series A Preferred Stock, on March 15, 2024 (the “Redemption Date”). The redempti ...

Core Viewpoint - AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) of AIG's property/casualty insurance subsidiaries to "a+" from "a" and affirmed the Financial Strength Rating (FSR) of A (Excellent), with stable outlooks for both ratings [1][3]. Group 1: Credit Ratings and Outlook - The Long-Term ICRs have been upgraded to "a+" (Excellent) from "a" (Excellent) and the FSR of A (Excellent) has been affirmed, with the outlook for the Long-Term ICRs revised to stable from positive [1][3]. - The outlook of the FSR is maintained at stable [1]. Group 2: Financial Strength and Performance - AIG PC's balance sheet strength is assessed as very strong, with a risk-adjusted capital position at the strongest level, benefiting from improving underwriting performance and strong reinsurance support [1][2]. - AIG PC's operating performance is considered adequate, with historical combined and operating ratios lagging behind composite peers, but showing a steady improvement trend due to underwriting and risk management initiatives [2]. Group 3: Business Profile - AIG PC's business profile is assessed as favorable, reflecting its market position and presence in both domestic and global markets, with deep expertise in commercial lines and diverse distribution channels [2].

Core Viewpoint - American International Group, Inc. (AIG) is set to report its financial results for the fourth quarter and full year ending December 31, 2023, on February 13, 2024, after market close [1] Group 1: Financial Reporting - AIG will release its financial results along with a press release and financial supplement available in the Investors section of its website [1] - AIG will conduct a conference call on February 14, 2024, at 8:30 a.m. ET to discuss the financial results [1] - The conference call will be accessible to the public via a live webcast, with a replay available afterward [1] Group 2: Company Overview - AIG is a leading global insurance organization providing insurance solutions in approximately 70 countries and jurisdictions [2] - AIG member companies help businesses and individuals protect their assets and manage risks [2] - AIG's common stock is listed on the New York Stock Exchange [2]

Key PointsConsumers can expect insurance premiums to continue to rise in 2024, creating an opportunity for investors.  Progressive Corporation benefits from the necessity to have auto insurance in a rising rate environment.  American International Group is enacting strong underwriting discipline to increase the company's loss reserves. Chubb caters to higher-income consumers, which may protect its balance sheet. 5 stocks we like better than American International GroupThe rate of inflation is expected to co ...

Third Quarter 2023 Financial Results Presentation November 2, 2023 Copyright ® 2023 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Group Performance Strategy Segment Performance GI L&R Other Investments Capital Operating EPS* Increased 92% from the Prior Year Quarter with Co ...

Financial Data and Key Metrics Changes - Adjusted after-tax income was $1.2 billion or $1.61 per diluted common share, representing a 92% increase year-over-year [8][38] - Consolidated net investment income on an adjusted pre-tax income basis was $3.3 billion, a 29% increase year-over-year [8] - General Insurance underwriting income improved over 250% from the prior year quarter to $611 million [8] Business Line Data and Key Metrics Changes - In General Insurance, net premiums written grew 9% year-over-year to $6.5 billion [14] - Life and Retirement's adjusted pre-tax income was $971 million, up 24% year-over-year, with premiums and deposits growing 4% to $9.2 billion [9][46] - The accident year combined ratio for General Insurance, excluding catastrophes, improved by 210 basis points to 86.3% [8][23] Market Data and Key Metrics Changes - North America commercial net premiums written increased 5% in the third quarter [14] - International Commercial net premiums written grew 7%, primarily driven by property, which was up 13% [18] - Personal Insurance net premiums written increased 16% year-over-year, primarily driven by North America [22] Company Strategy and Development Direction - The company is focused on simplifying its portfolio and reducing volatility through strategic divestitures, including the sale of Validus Re [11][36] - AIG aims for a 10% plus return on common equity (ROCE) post deconsolidation of Corebridge [34][50] - The company is committed to maintaining a balanced capital management strategy, focusing on share repurchases and debt reduction [33][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting results and the strategic repositioning of the company [35][36] - The company is well-positioned to take advantage of opportunities in the current marketplace despite challenges from social inflation [32][66] - Management highlighted the importance of maintaining strong underwriting standards and risk management practices [27][41] Other Important Information - AIG returned over $1 billion to shareholders through stock repurchases and dividends during the quarter [11] - The company expects continued improvement in financial performance from its Personal Insurance segment [23] - Corebridge Financial is on track for operational separation, with significant returns to shareholders since its IPO [10][39] Q&A Session Summary Question: What is the process for ensuring that the adverse development in international commercial doesn't reflect social inflation problems? - Management explained that the DVR process involves a deep dive into reserves annually, with adjustments made quarterly based on actual versus expected analysis [54][56] Question: Can you provide insight into the underlying underwriting results and path to profitability in North America Personal? - Management acknowledged that the segment is in transition and expects significant benefits from premium earnings in the coming quarters [58][59] Question: How is the company managing through the cycle in financial lines given the current market conditions? - Management indicated a cautious approach to the large account public company D&O business, focusing on maintaining margins and reducing limits in excess layers [61][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 —————————— FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or o ...

Summary of AIG 2023 Keefe, Bruyette & Woods Insurance Conference Company Overview - **Company**: American International Group, Inc. (NYSE:AIG) - **Date**: September 6, 2023 - **Participants**: - Peter Zaffino - CEO - Sabra Purtill - CFO - Meyer Shields - KBW Key Highlights and Accomplishments - **2022 Performance**: - Achieved an accident year combined ratio of 88.7%, with $2 billion in underwriting income, a $1 billion increase from the previous year [2][3] - Completed AIG 200 initiative, resulting in $1 billion in run rate savings, six months ahead of schedule [3] - IPO of Corebridge Financial, the largest U.S. IPO of 2022, despite challenging market conditions [3] - Returned over $6 billion in capital through share repurchases and dividends, and reduced net debt by over $700 million [3] - **2023 Performance (First Half)**: - Achieved a 10% growth in written premiums on an FX and lag adjusted basis, driven by a 12% growth in the commercial business [4] - Reduced gross limits in general insurance commercial business by over $1.4 trillion since 2018, with 70% from the property portfolio [4] Strategic Transactions - **Validus Re Sale**: - Announced sale for $3 billion, expected to close in Q4 2023, aimed at reducing volatility in PMLs and generating additional liquidity [5][6] - **Crop Risk Services Sale**: - Sold to American Financial Group for approximately $240 million [6] - **Corebridge Health Care Sale**: - Entered into an agreement to sell to AXA for EUR 650 million, expected to close in Q4 2023 [7] Market Conditions and Risk Management - **Catastrophe Activity**: - First half of 2023 saw insured losses exceeding $50 billion, with significant contributions from secondary perils [8] - Notable events included wildfires in Canada and hurricanes in the U.S. [8] - **Reinsurance Strategy**: - Maintained attachment points and utilized a strong reinsurance program to control volatility [16][17] Financial Management and Capital Strategy - **Capital Management**: - Increased quarterly common stock dividend by 12.5% and authorized $7.5 billion in share buybacks [9] - Targeting a share count of $600 million to $650 million, with leverage expected to remain in the low 20s [9][10] - **Liquidity Position**: - Reported strong parent liquidity of $4.3 billion at the end of Q2 2023 [10] Future Focus and Growth Strategy - **Sustainable ROCE**: - AIG aims for a sustainable return on capital employed (ROCE) of over 10% through strategic portfolio shifts [10] - **High Net Worth Market**: - Plans to grow in the ultra-high net worth space through a new managing general agency (MGA) in partnership with Stone Point Capital [26][27] - **International Growth**: - Focus on expanding in Japan, leveraging digital capabilities and existing distribution networks [40][41] Additional Insights - **Operational Improvements**: - AIG 200 initiative has enhanced core capabilities, including IT and underwriting systems [64][65] - **Market Dynamics**: - The reinsurance market is experiencing increased demand and pricing pressures due to recent catastrophe activities [15][17] - **Divestiture Strategy**: - AIG is focused on divesting non-core assets to streamline operations and enhance focus on core insurance business [34][35] This summary encapsulates the key points discussed during the conference, highlighting AIG's strategic initiatives, financial performance, and future growth plans.

Financial Performance - AIG reported an After-Tax Income per Diluted Share (GAAP) of $203, a decrease of 41% compared to 2Q22[4] - Adjusted After-Tax Income (AATI) was $13 billion, a 15% increase compared to $11 billion in 2Q22[4] - The General Insurance combined ratio was 909%, a 35 percentage point increase compared to 2Q22[4] - AIG returned $822 million to shareholders through $554 million of common stock repurchases and $268 million of common and preferred stock dividends in 2Q23[4] Strategic Initiatives - AIG announced the sale of Validus Reinsurance, Ltd to RenaissanceRe, expected to close in 4Q23[4] - AIG raised $12 billion through a secondary offering of 7475 million Corebridge shares at $1625 per share, reducing AIG's ownership to 653%[4] - AIG closed the sale of its Crop Risk Services business to American Financial Group, Inc[4] - AIG formed Private Client Select, a Managing General Agency partnership with Stone Point Capital LLC for the U S High-Net-Worth Personal Insurance Book[5] General Insurance - General Insurance net premiums written (NPW) increased by 10% to $7537 million in 2Q23 from $6866 million in 2Q22[20] - Commercial Lines NPW increased by 14% to $5633 million in 2Q23 from $4955 million in 2Q22[21]