American Intl Group Inc - AIG STOCK NEWS

AIG reported strong Q4 2024 results with net income of $898 million ($1.43 per diluted share), compared to $86 million ($0.12) in Q4 2023. General Insurance net premiums written reached $6.1 billion, up 6% year-over-year. The combined ratio was 92.5%, with an accident year combined ratio of 88.6%.

For full year 2024, General Insurance net premiums written were $23.9 billion, with Global Commercial net premiums of $16.8 billion. The company reported a net loss of $2.17 per diluted share, primarily due to Corebridge deconsolidation impact. Adjusted after-tax income was $4.95 per diluted share, up 12% year-over-year.

AIG executed $9.7 billion in capital management actions, including $6.6 billion in share repurchases, $1.0 billion in dividends, $1.6 billion in net debt reduction, and $500 million in preferred stock redemption. The company ended 2024 with parent liquidity of $7.7 billion and a debt-to-total capital ratio of 17.0%.

AIG (NYSE: AIG) has announced plans to host an Investor Day on Monday, March 31, 2025. The event will commence at 8:30 a.m. ET. Investors and interested parties will be able to access a live webcast of the presentation along with related materials through the Investors section of AIG's website. For those unable to attend the live event, a replay will be made available on the same platform following the presentation.

AIG (NYSE: AIG) has announced an immediate organizational restructuring into three distinct segments: North America Commercial Insurance, International Commercial Insurance, and Global Personal Insurance. Jon Hancock will expand his leadership role, taking on additional responsibilities as EVP, Chief Executive Officer of International Commercial Insurance and Global Personal Insurance.

The Global Personal Insurance segment consolidates AIG's Global Accident & Health, Personal Home and Auto, Global Warranty & Services, and High-Net-Worth businesses. Don Bailey will continue as EVP, Chief Executive Officer, leading the North America Commercial Insurance business.

According to CEO Peter Zaffino, this new structure aims to simplify reporting segments while enhancing operational efficiency and stakeholder value.

American International Group (NYSE: AIG) has announced it will release its fourth quarter and full year 2024 financial results after market close on Tuesday, February 11, 2025. The company will host a conference call to discuss the results on Wednesday, February 12, 2025, at 8:30 a.m. ET.

The financial results press release and supplementary materials will be available in the Investors section of AIG's website. A public listen-only webcast of the conference call will be accessible through the company's website, with a replay available afterward at the same location.

AIG (NYSE: AIG) has appointed Christopher Flatt as its new Global Chief Underwriting Officer, effective immediately. Flatt, who previously served as Head of AIG North America Alternative Channels, brings over 30 years of experience in underwriting, risk management, and reinsurance to the role.

Flatt joined AIG in 2017 after spending over 15 years in leadership roles at Marsh McLennan. Earlier in his career, he held senior underwriting positions at GE Capital and ITT Hartford. He succeeds Christopher Schaper, who was appointed Chief Risk Officer of AIG in November 2024.

In a related move, Erin Fry, President of Glatfelter & EVP of AIG Commercial Lines Programs, has been promoted to Head of AIG North America Alternative Channels, taking over Flatt's previous position. Fry will report to Don Bailey, Executive Vice President & Chief Executive Officer, North America Insurance.

Private Client Select Insurance Services (PCS), a Managing General Underwriter majority-owned by Stone Point Capital and AIG (NYSE: AIG), has appointed Ross Bowie as Chief Executive Officer, effective immediately. Bowie, who joined PCS in February 2024 as President and Chief Risk Officer, previously served as President & Chief Underwriting Officer of Orchid Insurance and held senior leadership roles at Bankers Insurance Group and ASI.

In his prior role at PCS, Bowie was responsible for portfolio optimization and improving the company's financial performance. He succeeds Christopher Flatt, who served as Interim CEO since March 2024 and will continue to serve on PCS's Board of Directors.

AIG has announced the launch of Syndicate 2478 at Lloyd's, set to begin underwriting from January 1, 2025. The syndicate, managed by Talbot Underwriting , has an approved stamp capacity of $715 million for the 2025 Year of Account. Blackstone will provide third-party capital through Lloyd's London Bridge 2 PCC structure and serve as investment manager for syndicate assets.

The syndicate will participate in AIG's outwards reinsurance program, accessing risk from AIG's global property & casualty businesses. This strategic relationship demonstrates AIG's underwriting portfolio quality and leverages its partnerships with Blackstone and Lloyd's.

AIG has announced the results of its 12 separate tender offers to purchase outstanding notes, increasing the Maximum Purchase Consideration from $750 million to $1.16 billion. The offers expired on December 12, 2024, with $2,019,902,000 combined aggregate principal amount validly tendered and an additional $19,333,000 tendered through Guaranteed Delivery Procedures.

Overall, $1,134,194,000 combined aggregate principal amount of Notes have been accepted for purchase. The Maximum Purchase Condition was satisfied for notes with Acceptance Priority Levels 1-6, 8, and 10, while notes with Priority Levels 7, 9, and 11-12 were not accepted and will be returned to holders.

Settlement dates are set for December 16, 2024 (Initial) and December 18, 2024 (Guaranteed Delivery).

AIG (NYSE: AIG) has announced pricing terms for its tender offers to purchase outstanding notes for cash up to a maximum of $750 million aggregate amount. The tender offers cover 12 different series of notes with varying acceptance priority levels, interest rates, and maturities. The Total Consideration for each series was calculated based on fixed spreads plus reference security yields.

The offers will expire at 5:00 p.m. Eastern time on December 12, 2024. The Initial Settlement Date is expected to be December 16, 2024, with a Guaranteed Delivery Settlement Date of December 18, 2024. Holders whose notes are accepted will receive the Total Consideration plus accrued interest.

BofA Securities and Citigroup Global Markets are serving as Lead Dealer Managers for the tender offers.