Welcome to our dedicated page for American International Group news (Ticker: AIG), a resource for investors and traders seeking the latest updates and insights on American International Group stock.
American International Group, Inc. (AIG) is a multinational finance and insurance corporation based in the USA, operating in over 80 countries and jurisdictions. Known globally for its extensive insurance and financial services, AIG offers a wide array of insurance products, including property, casualty, and life insurance, through its various subsidiaries. Despite recently spinning off its life insurance segment into Corebridge Financial, AIG retains a majority stake in it. AIG’s property/casualty insurance subsidiaries, collectively referred to as AIG PC, have been recognized for their strong balance sheet and improving underwriting performance, affirmed by the recent rating upgrades from AM Best. AIG PC continues to benefit from robust reinsurance support and positive pricing momentum across key business lines, making its operating metrics competitive among its peers. Recent financial results highlight AIG’s profitability and strategic progress, including significant capital management actions and the deconsolidation of Corebridge Financial, positioning AIG as a prominent leader in the global insurance market.
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%.
Private Client Select Insurance Services (PCS), majority-owned by AIG and Stone Point Capital, has formed an exclusive distribution partnership with Ryan Specialty for the High and Ultra-High-Net-Worth markets in the U.S. This partnership aims to accelerate PCS's growth by leveraging Ryan Specialty's extensive broker network. AIG will continue to provide capacity and delegate underwriting authority to PCS, while also allocating more Excess and Surplus Lines (E&S) capacity. Additionally, AIG will offer exclusive E&S paper in all 50 states through Marbleshore Specialty Insurance Company, pending regulatory approval. This collaboration is expected to enhance PCS's position as a leading Managing General Underwriter and enable more efficient delivery of services to retail partners and clients.
AIG has appointed Melissa Twiningdavis as Executive Vice President and Chief Administrative Officer, effective September 1, 2024. She will report to CEO Peter Zaffino and oversee global administrative services, including sourcing, procurement, real estate, facilities, and shared services operations. Twiningdavis joins from Accenture, where she led global Supply Chain Operations. Her experience includes roles at Precision Castparts and General Electric. AIG's CEO highlighted her ability to transform companies and drive operational excellence. Twiningdavis expressed enthusiasm for joining AIG's leadership team and contributing to its strategic priorities.
American International Group (NYSE: AIG) has appointed Adam Burk as Global Treasurer and Head of Corporate Development, effective immediately. Burk will report to Sabra Purtill, EVP and CFO of AIG. He will be responsible for global treasury activities, including capital management, banking, rating agency relations, global capital markets, liquidity, and cash management, alongside his role in Corporate Development and Strategy. Burk has been with AIG since 2013, holding various senior roles, including CFO of Global Operations. He has a background in investment banking and corporate law, with degrees from the University of Pennsylvania Carey Law School and the University of Michigan - Stephen M. Ross School of Business.
American International Group (NYSE: AIG) will announce its second quarter 2024 financial results after the market closes on July 31, 2024. The press release and financial supplement will be available on AIG’s investor website. Additionally, AIG will host a conference call on August 1, 2024, at 8:30 a.m. ET to discuss the results, accessible via a live webcast on their website. A replay will be available post-call.
American International Group (NYSE: AIG) has entered into a definitive agreement to sell its global personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group for $600 million in cash, plus additional earn-out consideration. The transaction, which excludes AIG's operations in Japan and its joint venture in India, is expected to close by the end of 2024, pending regulatory approvals.
The sale aims to streamline AIG's portfolio, focusing on its core Global Property and Casualty Insurance business. AIG's Accident & Health business offerings are also excluded from the agreement.
Chairman and CEO Peter Zaffino confirmed that the deal is a strategic move for AIG, and assured a smooth transition for employees, customers, and partners. Evercore Group acted as financial advisor, with legal counsel from Willkie Farr & Gallagher LLP and Norton Rose Fulbright LLP.
American International Group (AIG) has completed the deconsolidation of Corebridge Financial for accounting purposes. This move was facilitated by AIG waiving its right to majority representation on the Corebridge Board and the resignation of Chris Schaper from the Board. Peter Zaffino, AIG Chairman and CEO, highlighted this as a strategic decision positioning AIG as a leading global Property and Casualty insurer. AIG owns 48.35% of Corebridge's common stock, and Corebridge has developed partnerships with Blackstone, BlackRock, and Nippon Life, which aims to be a 20% strategic investor.
American International Group (AIG) announced the completion of its secondary offering of Corebridge Financial (CRBG) common stock. AIG sold 30 million shares of Corebridge Financial's common stock at $29.20 per share, generating approximately $872 million in net proceeds after expenses. Morgan Stanley & Co. acted as the underwriter for the offering. The secondary offering also included a 30-day option for the underwriter to purchase an additional 4.5 million shares. The registration statement for this offering was filed with the U.S. Securities and Exchange Commission and became effective automatically.
American International Group (NYSE: AIG) has priced its secondary offering of Corebridge Financial (NYSE: CRBG) common stock at $29.20 per share.
The offering involves 30 million shares, expected to net AIG approximately $876 million. Additionally, AIG has allowed the underwriter a 30-day option to purchase up to 4.5 million more shares.
The offering will close on June 3, 2024, pending customary conditions. Morgan Stanley & Co. is the sole underwriter and may sell the shares through various market channels.
Proceeds from the sale will go directly to AIG. Relevant documents can be obtained from the SEC's website or Morgan Stanley.
American International Group (NYSE: AIG) announced a secondary offering of 30 million shares of Corebridge Financial (NYSE: CRBG) common stock, with the option to sell an additional 4.5 million shares within 30 days. AIG will receive all net proceeds from the sale. The last reported price of Corebridge stock on May 29, 2024, was $29.47. Morgan Stanley & Co. is the underwriter, with shares potentially sold on the NYSE, OTC market, or through negotiated transactions. The offering will be conducted solely via prospectus.
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