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AIG Reports Third Quarter 2019 Results

Freitag, 01.11.19 11:45
AIG Reports Third Quarter 2019 Results
Bildquelle: fotolia.com
NEW YORK –

American International Group, Inc. (NYSE: AIG) today reported net income attributable to AIG common shareholders of $648 million, or $0.72 per diluted common share, for the third quarter of 2019, compared to a net loss attributable to AIG common shareholders of $1.3 billion, or $1.41 per common share, in the prior-year quarter. The improvement was primarily due to pre-tax net realized capital gains of $929 million compared to pre-tax net realized capital losses of $511 million in the prior-year quarter and a reduction in pre-tax net catastrophe losses of $1.1 billion compared to the prior-year quarter. Adjusted after-tax income attributable to AIG common shareholders was $505 million, or $0.56 per diluted common share, for the third quarter of 2019, compared to an adjusted after-tax loss attributable to AIG common shareholders of $301 million, or $0.34 per common share, in the prior-year quarter. The improvement was primarily due to lower catastrophe losses compared to the prior-year quarter.

Brian Duperreault, AIG’s President and Chief Executive Officer, said: “Our results this quarter reflect the significant, ongoing work across the company to lay a foundation for long-term, sustainable and profitable growth. Results are in line with our expectations, particularly in General Insurance, which demonstrated a significant improvement over the prior-year quarter driven by our focus on underwriting excellence, expense discipline and enhanced reinsurance strategy. Life and Retirement continued to produce solid results despite ongoing headwinds from the sustained low interest rate environment. This business remains on track to deliver double-digit returns for the full year.

“As we approach 2020, we remain confident we will deliver underwriting profitability for the full year 2019 and deliver double-digit ROCE by the end of 2021. We still have much work ahead of us, but we are well on our way to positioning AIG as a leading global insurance company,” Mr. Duperreault added.

THIRD QUARTER FINANCIAL SUMMARY*

 

Three Months Ended

September 30,

($ in millions, except per common share amounts)

2019

2018

Net income (loss) attributable to AIG common shareholders

$

 

648

 

$

 

(1,259

)

Net income (loss) per diluted share attributable to AIG common shareholders (a)

$

 

0.72

 

$

 

(1.41

)

 

 

 

 

 

Weighted average common shares outstanding - diluted (a)

 

895.8

 

 

895.2

 

 

 

 

 

 

Adjusted pre-tax income (loss):

 

 

 

 

General Insurance

$

 

507

 

$

 

(825

)

Life and Retirement

 

646

 

 

713

 

Other Operations

 

(500

)

 

(388

)

Legacy

 

93

 

 

84

 

Total

$

 

746

 

$

 

(416

)

 

 

 

 

 

Adjusted after-tax income (loss) attributable to AIG common shareholders

$

 

505

 

$

 

(301

)

Adjusted after-tax income (loss) per diluted share attributable to AIG common shareholders (a)

$

 

0.56

 

$

 

(0.34

)

 

 

 

 

 

Return on common equity

 

4.0

 

%

(8.4

)

%

Adjusted return on common equity*

 

4.1

 

%

(2.4

)

%

Adjusted return on attributed common equity - Core*

 

4.4

 

%

(3.6

)

%

 

 

 

 

 

Common shares outstanding

 

869.9

 

 

884.6

 

Book value per common share

$

 

74.85

 

$

 

66.23

 

Book value per common share, excluding accumulated other comprehensive income*

 

68.40

 

 

66.83

 

Adjusted book value per common share*

 

57.60

 

 

55.58

 

(a) For periods reporting a loss, basic average common shares outstanding are used to calculate net income (loss) per diluted share
attributable to AIG common shareholders. Diluted shares represent basic shares for the three-month period ended September 30, 2018
due to the net losses in that period.

All comparisons are against the third quarter of 2018, unless otherwise indicated. Refer to the AIG Third Quarter 2019 Financial Supplement, which is posted on AIG's website in the Investors section, for further information.

THIRD QUARTER 2019 HIGHLIGHTS

General Insurance – Third quarter adjusted pre-tax income of $507 million was comprised of net investment income of $756 million and an underwriting loss of $249 million. The underwriting loss was driven by net pre-tax catastrophe losses of $497 million, including $254 million for Typhoon Faxai and $135 million for Hurricane Dorian, and resulted in a combined ratio of 103.7 inclusive of 7.5 points of catastrophe losses net of reinstatement premiums. Net favorable prior year loss reserve development totaled $3 million. The accident year combined ratio, as adjusted, was 95.9, comprised of a 61.5 accident year loss ratio, as adjusted*, an improvement of 210 basis points from the prior-year quarter, and an expense ratio of 34.4, an improvement of 140 basis points from the prior-year quarter. The decrease in accident year loss ratio, as adjusted, was due to the favorable impact from our underwriting actions, changes in business mix, strong results from Glatfelter, improved loss performance across a number of lines, and changes in reinsurance. The reduction in the third quarter expense ratio primarily reflected improvement in the General operating expense (GOE) ratio as a result of continued expense discipline.

Life and Retirement – Third quarter adjusted pre-tax income of $646 million included the impact of the annual actuarial assumption update, which was a charge of $143 million in the third quarter of 2019 compared to $98 million in the prior-year quarter and elevated mortality in Life Insurance. Net flows while negative, improved resulting from higher Fixed and Index Annuities new business, as well as lower Group Retirement surrenders and withdrawals. Life and Retirement’s Adjusted return on common equity (Adjusted ROCE)* for the third quarter of 2019 was 10.1% or approximately 12.5% excluding the impact of the annual actuarial assumption update.

Net Investment Income – Third quarter net investment income increased 0.4% to $3.4 billion with an 8% increase in interest, dividends and other investment income, slightly offset by lower alternative investment income, which declined to $115 million compared to $329 million in the prior-year quarter. Annualized yield for alternative investment income was 5% and 13% for the third quarter and nine months ended September 30, 2019, respectively, slightly below AIG’s 8% annualized assumption for the quarter but higher for the nine months ended September 30, 2019.

Other Operations – Third quarter adjusted pre-tax loss of $500 million increased from $388 million in the prior-year quarter primarily due to increased corporate GOE and higher interest expense in part due to consolidated non-recourse debt and Global Real Estate investments.

Legacy Results – Third quarter adjusted pre-tax income of $93 million increased 11% primarily due to lower catastrophe losses in Legacy General Insurance of $14 million compared to $57 million in the prior-year quarter, partially offset by lower Legacy Life and Retirement earnings due to lower net investment income and the charge for the annual actuarial assumption update of $30 million compared to $5 million in the prior-year quarter.

Book Value per Common Share – As of September 30, 2019, book value per common share was $74.85 compared to $65.04 at December 31, 2018 principally due to an increase in accumulated other comprehensive income (AOCI) as a result of the impact of lower interest rates on the fair value of fixed maturities. Book value per common share excluding AOCI and DTA (Adjusted book value per common share) increased 5% to $57.60 compared to the prior-year end due to growth in retained earnings from $2.4 billion of net income attributable to AIG in the nine months ended September 30, 2019.

Return on Common Equity (ROCE) – ROCE for the third quarter and the nine months ended September 30, 2019 was 4.0% and 5.2%, respectively, an improvement from (8.4)% and 1.3%, in the prior-year quarter and the nine months ended September 30, 2018, respectively, due to higher net income attributable to AIG common shareholders. Adjusted ROCE for the third quarter and nine months ended September 30, 2019 was 4.1% and 8.6%, respectively, an improvement from (2.4)% and 4.3%, in the prior-year quarter and prior-year nine-month period, respectively, due to higher adjusted after-tax income attributable to AIG common shareholders.

Liquidity and Capital – As of September 30, 2019, AIG Parent liquidity stood at approximately $7.2 billion. In the third quarter, AIG Parent received approximately $1.6 billion of distributions from the insurance subsidiaries in the form of cash, fixed maturity securities and loan repayments including tax sharing payments.

GENERAL INSURANCE

 

Three Months Ended September 30,

($ in millions)

2019

2018

 

Change

Total General Insurance

 

 

 

 

 

 

 

Gross premiums written

$

 

8,583

 

$

 

8,668

 

 

(1

)

%

Net premiums written

$

 

6,648

 

$

 

6,835

 

 

(3

)

 

Underwriting loss

$

 

(249

)

$

 

(1,726

)

 

86

 

 

Adjusted pre-tax income (loss)

$

 

507

 

$

 

(825

)

 

NM

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

Loss ratio

 

69.3

 

 

88.6

 

 

(19.3

)

pts

Less: impact on loss ratio

 

 

 

 

 

 

 

Catastrophe losses and reinstatement premiums

 

(7.5

)

 

(22.0

)

 

14.5

 

 

Prior year development

 

-

 

 

(2.7

)

 

2.7

 

 

Adjustments for ceded premium under reinsurance

 

 

 

 

 

 

 

contracts and other

 

(0.3

)

 

(0.3

)

 

0.0

 

 

Accident year loss ratio, as adjusted

 

61.5

 

 

63.6

 

 

(2.1

)

 

Expense ratio

 

34.4

 

 

35.8

 

 

(1.4

)

 

Combined ratio

 

103.7

 

 

124.4

 

 

(20.7

)

 

Accident year combined ratio, as adjusted

 

95.9

 

 

99.4

 

 

(3.5

)

 

General Insurance - North America

 

Three Months Ended September 30,

($ in millions)

2019

2018

 

Change

North America

 

 

 

 

 

 

 

Net premiums written

$

 

3,404

 

$

 

3,164

 

 

8

 

%

Commercial Lines

 

2,502

 

 

2,229

 

 

12

 

 

Personal Insurance

 

902

 

 

935

 

 

(4

)

 

 

 

 

 

 

 

 

 

Underwriting loss

$

 

(185

)

$

 

(987

)

 

81

 

 

Commercial Lines

 

(123

)

 

(609

)

 

80

 

 

Personal Insurance

 

(62

)

 

(378

)

 

84

 

 

 

 

 

 

 

 

 

 

Adjusted pre-tax income (loss)

$

 

435

 

$

 

(160

)

 

NM

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

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