In the second quarter of 2024, American International Group (AIG) experienced a decline in net premium written (NPW) for its general insurance business, reporting a decrease of 8% year-on-year to $6.9 billion.
Conversely, AIG’s International Commercial Lines saw a 3% increase in NPW, driven by growth in Global Specialty, Property, and Casualty lines. This uptick was fueled by higher renewal retention rates and robust new business production, although it was tempered by a decline in Financial Lines.
On the other hand, NPW for International Personal Insurance dropped by 4% compared to the previous year. The decline was primarily attributed to reduced premiums in Warranty, despite increases in Personal Auto and Individual Travel segments.
Across the group, AIG reported a noteworthy 18% year-on-year increase in new business within its Commercial Lines, amounting to $1.3 billion, underscoring strong global retention efforts.
However, the company reported a net loss per diluted share of $5.96 for the quarter, contrasting sharply with a profit of $2.03 per share in the same period last year. This shift was largely influenced by the Corebridge deconsolidation.
AIG’s book value per share stood at $68.40 in Q2 2024, marking an increase from $58.49 per share in the previous year.
These results illustrate AIG’s mixed performance across its business segments, with challenges in the general insurance sector offsetting gains in international commercial lines and new business initiatives.
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