2024 First Quarter Results
First Quarter 2024
Financial Results Presentation
Copyright ® 2024 by
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Group Performance |
Capital 
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1Q'24 Results |
GI |
L&R |
Other |
Investments |
First Quarter Operating EPS* of
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After-Tax Income |
Book Value per |
Retuon (1) |
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Combined Ratio |
per Diluted Share |
Common Share |
Common Equity |
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Calendar Year |
GAAP |
GAAP |
GAAP |
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89.8% |
Δ vs. 1Q23 |
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Δ vs. 1Q23 |
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Δ vs. YE23 |
10.8% |
Δ vs. 1Q23 |
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(2.1) pts |
N.M. |
(0.7)% |
10.6 pts |
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Accident Year* |
Adjusted* |
Adjusted* |
Adjusted* |
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88.4% |
Δ vs. 1Q23 |
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Δ vs. 1Q23 |
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Δ vs. YE23 |
9.3% |
Δ vs. 1Q23 |
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(0.3) pts |
9% |
1.5% |
0.6 pts |
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- 1Q24 net income attributable to AIG common shareholders of
$1.2B rose from$23M in 1Q23; 1Q24 Adjusted After-Tax Income* (AATI) of$1.2B was flat with 1Q23 despite prior year results that included about$175M (pre-tax) from divested businesses and a higher contribution fromCorebridge Financial Inc. (Corebridge) to AIG's
AATI - During 1Q24, AIG returned
$2.4B to shareholders through$1.7B of common stock repurchases,$250M of common and preferred dividends, and a$500M redemption of preferred stock; In April, AIG repurchased approximately$613M of common shares - AIG Parent liquidity was
$5.1B atMarch 31, 2024 - Other noteworthy initiatives executed since the beginning of the year:
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- In February, AIG repaid
$459M of maturing debt - In April, Corebridge closed the sale of
AIG Life Limited toAviva plc for £453M ($569M ) - In April, AIG's Board of Directors declared a cash dividend of
$0.40 per share on AIG common stock, an 11% increase from prior quarterly dividends, marking the second consecutive year of 10%+ dividend increases - AIG Board of Directors increased AIG's share repurchase authorization to
$10.0B effectiveMay 1
- In February, AIG repaid
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1. Retuon Adjusted Segment Common Equity is derived by dividing actual or annualized Adjusted After-tax Income by Average Adjusted Segment Common Equity. The reconciliations to Retuon Adjusted Segment Common Equity are presented in the Non-GAAP slides. |
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* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP |
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Financial Measures and Non-GAAP Reconciliations. |
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Copyright ® 2024 by |
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
Continued Execution of Balanced Capital Management Actions
Share Repurchase Highlights
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(in millions, except for per share data) |
1Q23 |
2Q23 |
3Q23 |
4Q23 |
1Q24 |
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Share Repurchases in Period |
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Number of Shares Repurchased |
11 |
10 |
14 |
16 |
23 |
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% of Shares Repurchased(1) |
1.5% |
1.4% |
2.0% |
2.3% |
3.3% |
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Average Share Repurchase Price |
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Adjusted Book Value per Common Share |
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Common Shares Outstanding(2) |
727.6 |
717.5 |
704.6 |
688.8 |
671.0 |
Total AIG Debt Outstanding & Leverage Ratio
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26.3% |
26.0% |
25.9% |
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24.3% |
23.6% |
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1Q23 |
2Q23 |
3Q23 |
4Q23 |
1Q24 |
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AIG Financial & Hybrid Debt(3) |
CRBG Financial & Hybrid Debt(3) |
Total debt & preferred stock / Total capital (ex. AOCI)* |
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- Percentage of shares repurchased is calculated by number of shares repurchased a period divided by beginning of period shares outstanding.
- Common shares outstanding at the end of each period.
- Excludes operating debt.
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP)
Copyright ® 2024 by
- Aggregate share repurchases of
$4.7B over the last five quarters, representing a 9% reduction in shares outstanding since year-end 2022 - Since year-end 2022, AIG has reduced AIG debt by
$1.9B from$11.8B to$9.8B - AIG general borrowing has no near- term maturities over
$500M in any given quarter until 2027 - In April, AIG's Board of Directors declared a cash dividend of
$0.40 per share on AIG common stock, an 11% increase from prior quarterly dividends, marking the second consecutive year of 10%+ dividend increases
3
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
Balance Sheet Strength: Strong Insurance Company Capitalization and Reduced Debt Leverage
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Capital Structure ($B) |
Capital Ratios |
Total
Equity:
Total
Equity:
AIG Debt/Hybrids(1)
CRBG Debt/Hybrids(2)
Noncontrolling interests
Preferred Equity
Tax Attribute Deferred Tax Asset (DTA)
Adjusted Shareholders' Equity
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Change |
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2023 |
2024 |
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Hybrids / Total capital |
2.8% |
2.9% |
0.1 |
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Financial debt / |
25.0% |
25.2% |
0.2 |
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Total capital (incl. AOCI) |
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Total debt / Total capital |
27.8% |
28.1% |
0.3 |
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Preferred stock / Total |
0.7% |
-% |
(0.7) |
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capital |
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Total debt & pref. stock / |
28.5% |
28.1% |
(0.4) |
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Total capital (incl. AOCI) |
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AOCI Impact |
(4.2)% |
(4.5)% |
(0.3) |
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Total debt & pref. stock / |
24.3% |
23.6% |
(0.7) |
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Total capital (ex. AOCI)* |
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Life and Retirement |
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Companies |
Insurance Companies |
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2022 |
411% (CAL) |
484% (ACL) |
- During the quarter, AIG redeemed all 20,000 outstanding shares of Series A Preferred Stock for
$500M - At
March 31, 2024 , total debt and preferred stock to total capital ratio of 28.1%, or 23.6% excluding AOCI, improved 40 and 70 bps, respectively, fromDecember 31, 2023 primarily driven by debt repayment and the preferred stock redemption General Insurance U.S. Pool companies and Life and Retirement companies RBC ratios remain greater than 400%
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AOCI(3)
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2023 |
428% (CAL) |
461% (ACL) |
- Includes changes in foreign exchange.
- Includes Corebridge senior unsecured notes, Delayed Draw Term Loan facility, and
Corebridge Life Holdings, Inc. debt. December 31, 2023 :$(14.0)B less$(1.8)B of cumulative unrealized loss related to Fortitude Re funds withheld assets.March 31, 2024 :$(14.9)B less$(1.9)B of cumulative unrealized loss related to Fortitude Re funds withheld assets.- The inclusion of RBC measures is intended solely for the information of investors and is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities. ACL is defined as Authorized Control Level and CAL is defined as
Company Action Level. RBC ratio for Domestic Life and Retirement companies excludes holding company,
* Refers to financial measure not calculated in accordance with generally accepted accounting principles(Non-GAAP)4 Copyright ® 2024 by
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
Focused on Achieving 10%-Plus Adjusted ROCE*
Path to 10%-Plus Adjusted ROCE*
Sustained and Improved Underwriting Profitability
Continue the culture of optimal risk selection and underwriting excellence
~300 - 400 bps
~100 - 200 bps
Sustainable
Long-term
Leaner Business Model & Lower Expenses
AIG Next to create a future-state business model with enterprise-wide standards driving better outcomes for all stakeholders
Separation and Deconsolidation of Corebridge
Operational separation of Corebridge and AIG as two stand-alone and market leading companies; Continue reduction in Corebridge ownership to full separation
Balanced share repurchases and debt reduction to target leverage ratio, while also focusing on future common stock dividend increases(1)
Net Investment
Double - Income (NII)
Digit Growth
Capital ROCE
Management
Expense
Savings
Underwriting
Results
ROCE
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2022(2) |
Post Corebridge |
Forward |
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Deconsolidation |
Outlook |
Note: The boxes in this chart are not scaled to represent the % contribution from each driver
1. Subject to Board authorization and market conditions
2. Full year 2022 Adjusted ROCE* was 6.5%, as reported, prior to the adoption of the
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP
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Financial Measures and Non-GAAP Reconciliations. |
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Copyright ® 2024 by |
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
Strong Growth in Adjusted Pre-Tax Income and Adjusted Retuon Common Equity in Both Businesses(1)
Net Premiums Written (NPW) ($M)
Life and Retirement(1)
Premiums and Deposits* ($M)
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+2% |
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1Q23 As Reported |
1Q23 Comp. Basis(2) |
1Q24 |
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13.3% |
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Underwriting |
Adjusted |
Adjusted Retuon |
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Income |
Pre-Tax Income |
Common Equity* |
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(+19% / +67%(2) vs. 1Q23) |
(+9% vs. 1Q23) |
(+1.7 pts vs. 1Q23)(3) |
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1Q23 |
1Q24 |
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11.9% |
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Total |
Adjusted |
Adjusted Retuon |
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Premiums |
Pre-Tax Income |
Common Equity* |
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(+7% vs. 1Q23) |
(+12% vs. 1Q23) |
(+1.2 pts vs. 1Q23)(3) |
- L&R Results are before the impact of noncontrolling interests. Due to the reduction in AIG ownership of Corebridge in 2023, Corebridge contribution to AIG AATI decreased 20% from 1Q23 to 1Q24.
- Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of
Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale ofCrop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail.. - Retuon Adjusted Segment Common Equity is derived by dividing actual or annualized Adjusted After-tax Income by Average Adjusted Segment Common Equity. The reconciliations to Retuon Adjusted Segment Common Equity are presented in the Non-GAAP slides.
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP
Financial Measures andNon-GAAPReconciliations.6 Copyright ® 2024 by
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
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Key Financials |
Net Premiums Written ($M) |
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($M) |
1Q23 |
1Q24 |
Change |
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Net premiums written |
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(35)% |
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Net premiums earned |
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(8)% |
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Loss and loss adjustment expense |
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(11)% |
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Acquisition expenses |
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(10)% |
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General operating expenses (GOE) |
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(6)% |
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Underwriting income (loss) |
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19% |
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Net investment income |
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2% |
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Adjusted pre-tax income |
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9% |
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Total catastrophe-related charges(2) |
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Unfavorable (Favorable) prior year loss development |
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(PYD), net of reinsurance |
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Loss ratio |
59.9% |
58.0% |
(1.9) pts |
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Expense ratio |
32.0% |
31.8% |
(0.2) pts |
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Calendar year combined ratio |
91.9% |
89.8% |
(2.1) pts |
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Accident year combined ratio, as adjusted* (AYCR) |
88.7% |
88.4% |
(0.3) pts |
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1Q23 As Reported |
1Q23 Comp. Basis(1) |
1Q24 |
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Global Commercial Lines |
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Accident Year Combined Ratio, as adjusted* |
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88.7% |
90.0% |
AYCR* |
88.4% |
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(1.6) pts(1) |
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12.4% |
13.5% |
12.7% |
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19.6% |
19.2% |
19.1% |
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56.7% |
57.3% |
56.6% |
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1Q23 |
1Q23 Comp. Basis(1) |
1Q24 |
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Accident Year Loss Ratio (AYLR), As Adj* |
Acq. Ratio |
GOE Ratio |
- Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of
Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale ofCrop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail. - Total catastrophe-related charges includes
$(1)M and$(1)M of reinstatement premiums related to catastrophes for 1Q24 and 1Q23, respectively.
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* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP |
7 |
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Financial Measures and Non-GAAP Reconciliations. |
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Copyright ® 2024 by |
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
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Calendar Year Combined Ratio |
Accident Year Combined Ratio, As Adjusted* |
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103.8% |
97.4% |
101.5% |
98.8% |
92.9% |
(14.0) pts |
99.7% |
96.1% |
95.5% |
(11.3) pts |
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5.7% |
91.9% |
92.4% |
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2.7% |
6.9% |
7.3% |
89.8% |
89.5% |
88.7% |
88.4% |
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14.9% |
4.5% |
4.2% |
14.9% |
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12.5% |
12.8% |
13.0% |
1.9% |
12.5% |
12.8% |
13.0% |
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12.2% |
12.2% |
12.4% |
12.7% |
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21.7% |
21.8% |
21.9% |
12.4% |
12.7% |
21.7% |
21.8% |
21.9% |
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20.2% |
19.8% |
19.6% |
19.1% |
20.2% |
19.8% |
19.6% |
19.1% |
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63.1% |
61.8% |
60.8% |
59.2% |
57.5% |
56.7% |
56.6% |
63.1% |
61.8% |
60.8% |
59.2% |
57.5% |
56.7% |
56.6% |
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(1.6)% |
(1.4)% |
(0.9)% |
(0.9)% |
(1.1)% |
(1.0)% |
(0.5)% |
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1Q18 |
1Q19 |
1Q20 |
1Q21 |
1Q22 |
1Q23 |
1Q24 |
1Q18 |
1Q19 |
1Q20 |
1Q21 |
1Q22 |
1Q23 |
1Q24 |
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Commercial Lines Calendar Year Combined Ratio |
Commercial Lines Accident Year Combined Ratio, As Adjusted* |
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102.8% |
97.0% |
101.1% |
98.7% |
(17.0) pts |
102.0% |
(17.6) pts |
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4.5% |
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8.6% |
91.0% |
89.2% |
94.8% |
94.8% |
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15.0% |
3.4% |
9.6% |
85.8% |
15.0% |
90.4% |
86.0% |
84.9% |
84.4% |
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5.8% |
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12.6% |
12.4% |
11.9% |
5.3% |
2.1% |
12.6% |
12.4% |
11.9% |
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17.3% |
11.0% |
17.3% |
11.0% |
11.2% |
12.0% |
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16.9% |
18.3% |
17.7% |
11.2% |
12.0% |
16.9% |
18.3% |
17.7% |
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16.5% |
16.4% |
14.8% |
16.5% |
16.4% |
14.8% |
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69.7% |
65.3% |
64.1% |
60.8% |
58.5% |
57.3% |
57.6% |
69.7% |
65.3% |
64.1% |
60.8% |
58.5% |
57.3% |
57.6% |
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(3.7)% |
(1.2)% |
(2.3)% |
(1.3)% |
(0.8)% |
(1.0)% |
(0.7)% |
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1Q18 |
1Q19 |
1Q20 |
1Q21 |
1Q22 |
1Q23 |
1Q24 |
1Q18 |
1Q19 |
1Q20 |
1Q21 |
1Q22 |
1Q23 |
1Q24 |
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AYLR, As Adj.* |
Acq. Ratio |
GOE Ratio PYD Ratio |
CAT Ratio |
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP
Financial Measures andNon-GAAPReconciliations.8 Copyright ® 2024 by
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
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Key Financials |
North America Net Premiums Written ($M) |
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($M) |
1Q23 |
1Q24 |
Change |
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North America Commercial Lines |
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Underwriting Income (Loss) |
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(29)% |
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Calendar Year Combined Ratio |
87.1% |
88.1% |
1.0 pts |
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Accident Year Loss Ratio, as adj.* |
59.9% |
61.8% |
1.9 pts |
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Expense Ratio |
25.8% |
24.1% |
(1.7) pts |
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Accident Year Combined Ratio, as adj.* |
85.7% |
85.9% |
0.2 pts |
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Underwriting Income (Loss) |
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63% |
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Calendar Year Combined Ratio |
107.9% |
102.3% |
(5.6) pts |
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Accident Year Loss Ratio, as adj.* |
56.1% |
53.6% |
(2.5) pts |
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Expense Ratio |
51.5% |
44.1% |
(7.4) pts |
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Accident Year Combined Ratio, as adj.* |
107.6% |
97.7% |
(9.9) pts |
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North America Total |
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Underwriting Income (Loss) |
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(25)% |
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Calendar Year Combined Ratio |
90.0% |
91.1% |
1.1 pts |
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Accident Year Combined Ratio, as adj.* |
88.7% |
88.4% |
(0.3) pts |
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Total catastrophe-related charges(2) |
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Unfavorable (Favorable) PYD, net of |
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reinsurance |
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Total NPW |
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+2% Adj.*(1) |
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1Q23 As Reported |
1Q23 Comp. Basis(1) |
1Q24 |
Accident Year Combined Ratio, as adjusted*
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88.7% |
91.4% |
AYCR* |
88.4% |
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(3.0) pts(1) |
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10.6% |
12.6% |
10.8% |
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18.7% |
17.3% |
17.5% |
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59.4% |
61.5% |
60.1% |
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1Q23 |
1Q23 Comp. Basis(1) |
1Q24 |
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AYLR, As Adj.* Acq. Ratio GOE Ratio |
- NA Commercial Lines NPW increased
4%(1) from 1Q23 driven by incremental rate and exposure growth and strong new business production - NA Commercial Lines AYCR* increased 0.2 points, as reported, and on a comparable basis improved 1.8(1) points to 85.9% reflecting changes in business mix partially offset by continued incremental earn-in of rate exceeding loss trend
- NA Personal Insurance NPW decreased by 4%(1) from 1Q23 driven by High
Net Worth due to changes in reinsurance structure - NA Personal Insurance AYCR* improved 9.9 points to 97.7% reflecting changes in business mix
Total NA catastrophe-related charges of$92M vs.$116M in 1Q23- NA favorable PYD, net of reinsurance was
$32M in 1Q24 driven by the Adverse Development Cover deferred gain amortization
- Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of
Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale ofCrop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail. - Total catastrophe-related charges includes $-M and
$(1)M of reinstatement premiums related to catastrophes for 1Q24 and 1Q23, respectively.
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* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP |
9 |
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Financial Measures and Non-GAAP Reconciliations. |
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Copyright ® 2024 by |
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Group Performance |
Capital |
1Q'24 Results |
GI |
L&R |
Other |
Investments |
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Key Financials |
International Net Premiums Written ($M) |
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($M) |
1Q23 |
1Q24 |
Change |
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International Commercial Lines |
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Underwriting Income (Loss) |
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113% |
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Calendar Year Combined Ratio |
91.9% |
83.6% |
(8.3) pts |
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Accident Year Loss Ratio, as adj.* |
53.8% |
53.5% |
(0.3) pts |
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Expense Ratio |
29.9% |
29.5% |
(0.4) pts |
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Accident Year Combined Ratio, as adj.* |
83.7% |
83.0% |
(0.7) pts |
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Underwriting Income (Loss) |
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(13)% |
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Calendar Year Combined Ratio |
96.4% |
96.7% |
0.3 pts |
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Accident Year Loss Ratio, as adj.* |
54.9% |
54.5% |
(0.4) pts |
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Expense Ratio |
41.0% |
42.3% |
1.3 pts |
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Accident Year Combined Ratio, as adj.* |
95.9% |
96.8% |
0.9 pts |
|
International Total |
|||
|
Underwriting Income (Loss) |
|
|
83% |
|
Calendar Year Combined Ratio |
93.8% |
88.7% |
(5.1) pts |
|
Accident Year Combined Ratio, as adj.* |
88.7% |
88.4% |
(0.3) pts |
|
Total catastrophe-related charges(2) |
|
|
|
|
Unfavorable (Favorable) PYD, net of |
|
|
|
|
reinsurance |
|||
|
Total NPW |
|||
|
|
+0% Adj.*(1) |
||
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
1Q23 As Reported |
1Q23 Comp. Basis(1) |
1Q24 |
|
|
Int'l Commercial Lines |
Int'l |
Accident Year Combined Ratio, as adjusted*
|
88.7% |
89.0% |
AYCR* |
88.4% |
|
(0.6) pts(1) |
|||
|
14.0% |
14.1% |
14.2% |
|
|
20.5% |
20.5% |
20.3% |
|
|
54.2% |
54.4% |
53.9% |
|
|
1Q23 |
1Q23 Comp. Basis(1) |
1Q24 |
|
|
AYLR, As Adj.* Acq. Ratio GOE Ratio |
- Int'l Commercial Lines NPW decreased 1%(1) from 1Q23, driven by Global Specialty and Financial Lines, particularly from D&O, where renewal rate trend remains negative
- Int'l Commercial Lines AYCR* improved 0.7 points, as reported and 1.4(1) points
on a comparable basis driven by both a lower AYLR and a lower GOE ratio
- Int'l Personal Insurance NPW increased 1%(1) from 1Q23 driven by growth in Personal Auto and Travel, partially offset by a decline in A&H and Warranty
- Int'l Personal Insurance AYCR* increased 0.9 points from the impact of lower earned premiums on the GOE ratio
- Total Int'l catastrophe-related charges of
$14M vs.$148m in 1Q23 - Int'l Favorable PYD, net of reinsurance was
$2M vs unfavorable$14M in 1Q23 from prior year CATs
- Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of
Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale ofCrop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail. - Total catastrophe-related charges includes
$(1)M and$0M of reinstatement premiums related to catastrophes for 1Q24 and 1Q23, respectively.
|
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP |
10 |
|
Financial Measures and Non-GAAP Reconciliations. |
|
|
Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. |
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