American International Group, Inc. - AIG STOCK NEWS

AIG has appointed Courtney Leimkuhler to its Board of Directors as an independent Director, effective November 5, 2024. Leimkuhler, co-founder and Managing Partner of venture fund Springbank, brings extensive experience from Goldman Sachs, NYSE Euronext, and MarshMcLennan. At NYSE Euronext, she served as Head of Corporate Strategy and M&A, helping transform the organization from nonprofit to a leading public exchange. She later served as CFO of Marsh, a global corporate insurance broker. Her expertise spans financial services, insurance, data analytics, and technology investments.

AIG reported strong Q3 2024 results with General Insurance net premiums written of $6.4 billion, showing a 6% increase on a comparable basis. Global Commercial Lines achieved 7% growth with $4.5 billion in net premiums written, led by 11% growth in North America Commercial Lines. The company reported net income per diluted share of $0.71, while adjusted after-tax income per diluted share increased 18% to $1.23. Notable achievements include $1.1 billion in new business written, a combined ratio of 92.6%, and return of approximately $1.8 billion to shareholders through stock repurchases ($1.5 billion) and dividends ($254 million).

AIG announced plans to consolidate and expand its Atlanta operations by relocating its Alpharetta and Buckhead facilities to a new innovation hub in Brookhaven, Georgia. The company will create more than 600 new local jobs over the next five years, focusing on roles in underwriting, claims, operations, data engineering, and AI. The 180,000-square-foot LEED Gold certified facility will triple AIG's current office space to accommodate over 1,000 colleagues. The new hub, planned to open in 2026, aims to incubate digital capabilities, test new processes, and enhance collaboration across functions to accelerate innovation and growth in AIG's core businesses.

American International Group, Inc. (NYSE: AIG) has announced its plan to redeem all outstanding Zero Coupon Callable Notes Due 2047 on November 22, 2024. The redemption price will be 135.631% of the face amount of the Notes outstanding on the Redemption Date. As of October 21, 2024, the outstanding face amount of the Notes was $400,000,000.

AIG clarifies that this press release is not an official notice of redemption. Holders of the Notes should refer to the formal notice of redemption delivered by The Bank of New York Mellon, the trustee for the Notes. The company also notes that certain statements in the press release regarding the completion of the redemption are forward-looking statements.

American International Group (NYSE: AIG) has announced it will release its third quarter 2024 financial results on Monday, November 4, 2024, after the market closes. The company will make its press release and financial supplement available on the Investors section of its website at https://www.aig.com.

Following the release, AIG will host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET to review the results. The public can access this live, listen-only webcast through the Investors section of AIG's website. A replay of the call will be made available at the same location after the event concludes.

AIG has announced the appointment of Keith Walsh as Executive Vice President and Chief Financial Officer, effective October 21, 2024. Walsh, with over 25 years of finance leadership experience, will lead AIG's global Finance organization and join the Executive Leadership Team, reporting to CEO Peter Zaffino. He comes from Marsh McLennan, where he was CFO of Marsh, and previously headed Investor Relations. Walsh succeeds Sabra Purtill, who has served as CFO since January 2023 and will continue working on strategic projects and advise Walsh during the transition.

Zaffino expressed confidence in Walsh's financial expertise and investor experience in the insurance industry. Walsh, holding degrees from Albany-SUNY and NYU Stern, stated his eagerness to contribute to AIG's next phase of growth and industry leadership.

American International Group, Inc. (NYSE: AIG) has announced its plan to redeem all outstanding Series A-3 Junior Subordinated Debentures on September 16, 2024. The redemption price will be 100% of the principal amount, plus accrued and unpaid interest up to, but not including, the redemption date. As of September 3, 2024, the outstanding aggregate principal amount of these debentures was €41,550,000. AIG clarifies that this announcement is not an official notice of redemption, and debenture holders should refer to the formal notice provided by The Bank of New York Mellon, the trustee for the debentures.

AIG has announced its participation in the 2024 KBW Insurance Conference. Peter Zaffino, AIG's Chairman & CEO, will engage in a fireside chat on Wednesday, September 4, 2024, at 4:20 p.m. ET. This event presents an opportunity for investors and industry analysts to gain insights into AIG's strategies and outlook.

The company will provide a live audio webcast of the session, accessible through the Investors section of AIG's website. For those unable to attend or watch live, a replay will be made available on the same platform after the event. This participation underscores AIG's commitment to transparency and engagement with the investment community.

AIG reported significant financial results for Q2 2024, marked by the deconsolidation of Corebridge Financial, resulting in a net loss of $5.96 per share compared to income of $2.03 last year. General Insurance net premiums written were $6.9 billion, a decrease of 8% on a reported basis but an increase of 7% on a comparable basis. AIG achieved record Commercial Lines new business of $1.3 billion, an 18% YoY increase, with significant growth in North American Commercial Lines (10%). Despite a combined ratio increase to 92.5%, the accident year combined ratio improved to 87.6%.

Adjusted after-tax income per share rose by 9% to $1.16. The company returned nearly $2 billion to shareholders through stock repurchases and dividends. Net investment income grew by 18% to $990 million. AIG concluded the quarter with a strong balance sheet, including parent liquidity of $5.3 billion and a total debt to capital ratio of 18.1%.