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Numbers down each in This autumn and full yr
It’s the flip of American Worldwide Group (AIG) to share its monetary outcomes for the quarter and yr ended December 31, 2023.
Right here’s how the worldwide insurer fared within the two durations:
|
Metric
|
This autumn 2023
|
This autumn 2022
|
FY 2023
|
FY 2022
|
|---|---|---|---|---|
|
Web earnings attributable to AIG frequent shareholders
|
$86 million
|
$545 million
|
$3.6 billion
|
$10.2 billion
|
|
Underwriting earnings
|
$642 million
|
$635 million
|
$2.3 billion
|
$2 billion
|
|
Mixed ratio
|
89.1%
|
89.9%
|
90.6%
|
91.9%
|
|
Adjusted pre-tax earnings (loss) – normal insurance coverage
|
$1.4 billion
|
$1.2 billion
|
$5.4 billion
|
$4.4 billion
|
|
Adjusted pre-tax earnings (loss) – life & retirement
|
$957 million
|
$852 million
|
$3.8 billion
|
$3.3 billion
|
|
Web funding earnings
|
$3.9 billion
|
$3.3 billion
|
$14.6 billion
|
$11.8 billion
|
|
Adjusted after-tax earnings attributable to AIG frequent shareholders
|
$1.3 billion
|
$1.1 billion
|
$4.9 billion
|
$4 billion
|
The decline in 2023 internet earnings was primarily attributed to internet realized losses largely associated to Fortitude Re funds withheld embedded spinoff at life & retirement in addition to spinoff exercise.
Commenting on the numbers, AIG chair and chief govt Peter Zaffino mentioned in a launch: “In 2023, AIG delivered excellent monetary outcomes, highlighted by glorious underwriting efficiency and the profitable execution of a number of complicated initiatives, whereas delivering distinctive worth for our shoppers and stakeholders.
“Our substantial progress displays the dedication and teamwork of our AIG colleagues all over the world who’ve delivered on our aims. The complete-year adjusted after-tax earnings per diluted share elevated 33% from the prior yr to $6.79.
“We’ve got additional repositioned AIG for the longer term with the divestitures of Validus Re and Crop Danger Companies, and we enter 2024 with vital momentum.”
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