AIG Faces Major Wildfire Losses Yet Exceeds Earnings Expectations

Published 49 minutes agoAIG

AIG Faces Major Wildfire Losses Yet Exceeds Earnings Expectations

American International Group (AIG) recently reported significant financial impacts from January wildfires in Los Angeles, with catastrophe losses of $525 million. Breaking it down, $460 million were directly associated with the wildfires, before factoring in reinstatement premiums. Despite these challenges, Reuters reported positive news regarding AIG's earnings performance for the period.

Although AIG dealt with these substantial losses, their general insurance net premiums written held steady at $4.5 billion, equating to an 8% growth on a comparable basis from the previous year. Demonstrating a commitment to shareholder returns, the company announced a 12.5% increase in its quarterly common stock dividend, now at $0.36 per share—the first such increase since 2016.

AIG's adjusted after-tax income came in at $1.17 per share, surpassing analyst forecasts of $0.99. The company showcased a slight improvement in its adjusted accident year combined ratio, reaching 87.8%, indicating better underwriting performance. AIG executed $9.7 billion in capital management efforts last year, including significant share repurchases and dividends, underlining its dedication to returning value to shareholders.

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