Financial Data and Key Metrics Changes - Adjusted after-tax income was 775million,or1.16 per diluted share, representing a 38% increase in earnings per share year-over-year [9] - General Insurance net premiums written grew 7%, with underwriting income at 430million,andanunderlyingunderwritingincomeimprovementof110 million or 17% year-over-year [10] - Consolidated net investment income on an adjusted pre-tax income basis was 884million,a149.9 billion, an increase of 7% from the prior year, with net premiums written at 6.9billion[18]−GlobalCommercialnetpremiumswrittengrew8522 million for the quarter, an increase of 9% year-over-year [21] - The accident year combined ratio for General Insurance, excluding catastrophes, improved by 170 basis points year-over-year to 87.6% [22] - The CAT loss ratio was 5.7%, or 325millionoftotalcatastrophe−relatedlosses[10]CompanyStrategyandDevelopmentDirection−Thecompanyisfocusedonsimplifyingitsportfolioandhasannouncedthesaleofitsglobalindividualpersonaltravelinsurancebusiness[15]−AIGiscommittedtoitshighnetworthbusiness,havinginvestedover100 million in infrastructure and digital capabilities [17] - The company aims to achieve a combined ratio of 91.6% or lower for the full year 2025, driven by strong underwriting and expense reduction [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the outlook for natural catastrophes in the second half of 2024 is uncertain, with predictions of above-average hurricane activity [25] - The company has maintained a disciplined approach to capital management, having deployed over 30billionincashtowardsthisstrategyoverthelastthreeyears[30]−Managementexpressedconfidenceintheportfolio′sprofitabilitydespitechallengesinthepropertymarket[66]OtherImportantInformation−ThedeconsolidationofCorebridgeFinancialwasasignificantmilestone,impactingAIG′sfinancialsandsimplifyingitsincomestatement[39][57]−AIG′sshareholders′equityincreasedto44.4 billion at June 30, 2024, reflecting a 1.1billionnetincreaseinthequarter[48]−Thecompanyexpectsitsadjustedtaxratefor2024tobeabout24750 million, but the overall combined ratio impact would be minimal [68] Question: Favorable development in excess casualty - Management confirmed that favorable development was primarily from older years rather than recent years, with detailed analysis conducted on reserves [72]
