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INX:AIG, Aug 24, 11:57 UTC

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Wednesday, August 21


News

AIG To Present at The KBW Insurance Conference

AIG

American International Group, Inc. (AIG) announced today that Peter Zaffino, AIG’s Global Chief Operating Officer and Chief Executive Officer, General Insurance, will present at the KBW Insurance Conference on Wednesday, September 4, 2019 at 10:15 a.m. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language.

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  • Financial

Tuesday, August 20


News

AIG Names Sabra Purtill as Deputy CFO, Head of Treasury, Investor & Rating Agency Relations, and Corporate Development

AIG

American International Group, Inc. (AIG) today announced that Sabra Purtill will join the company in a newly established role as Deputy CFO, Head of Treasury, Investor & Rating Agency Relations, and Corporate Development, effective August 28. Aligning our investor and ratings agency relations, treasury and corporate development functions will enhance our ability to serve AIG’s businesses as we continue to deliver on our strategic, financial and operational objectives,” said Mr. Lyons. She joins AIG from The Hartford Financial Services Group, Inc. (HIG), where she has served for the past eight years, most recently as Senior Vice President, Investor Relations & Treasurer. Over Ms. Purtill’s more than 30 year career, principally focused on the insurance industry, she also spent time in sell-side research at ABN AMRO Incorporated, Keefe, Bruyette & Woods, Advest Group, Inc. and Conning & Co. She began her career in corporate finance at Chase Manhattan Bank, N.A., progressing to insurance ratings at Standard & Poor’s and to mergers and acquisitions at Merrill Lynch.

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  • Financial

Wednesday, August 14


News

AIG Appoints Richard Olsen Chief Actuary, General Insurance

AIG

Mr. Olsen will lead the General Insurance global actuarial organization, with responsibility for aligning pricing, portfolio and reserving practices with AIG’s business objective of improving underwriting profitability, as well as providing guidance on portfolio optimization to help inform General Insurance strategy. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language.

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Friday, August 09


News

American International Group (AIG) Q2 2019 Earnings Call Transcript

AIG

Rate continues to be very strong and ahead of rising loss costs, which Mark will expand on in his remarks. For example, in primary corporate D&O, we saw rate increase of over 30% with a policy count retention of approximately 90%. And in parallel, we reduced primary commercial D&O aggregate limits by approximately 30% and primary commercial D&O policies with limits greater than $10 million in lead layer by over 45%. Validus continue to show discipline in shaping the portfolio. For example, as I mentioned last quarter in connection with Japan renewals at April 1, the average rate change of the portfolio was 10%, with rate increases ranging from 15% to 25% for loss impacted CAT layers and flat to 7% for layers not impacted by CATs. For the Florida renewals, our portfolio aggregate reduced by 17% year over year while risk-adjusted rates increased by 9%, representing a net 2% premium increase relative to our expiring Florida. Lastly, I want to comment on AIG 200, which Brian mentioned in his opening remarks. As we look to second half of 2019 and beyond, it's critical that we focus on our infrastructure and businesses across all of AIG and invest to modernize and digitize our workflows as well as create a more unified AIG. As we did with general insurance over the last 18 months, we are fulfilling critical roles and adding a number of seasoned executives to corporate center with proven track records of achieving excellent results during transformations. Given the discussion of rate changes given by Peter earlier on a written basis, one can see that the degree of margin expansion above what was already contemplated with our 2019 plan loss ratio has been significant in the quarter. And this expansion has been centered and led by Commercial Property, E&S Casualty business in directors and officers liability, although almost all lines had some degree of expansion.

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Thursday, August 08


News

American International Group beats highest profit estimate on resurgence of property-casualty insurance business

AIG

AIG beats highest profit estimate on resurgence of property-casualty business. American International Group Inc. climbed after scoring an underwriting profit for a second straight quarter, a key goal for Chief Executive Officer Brian Duperreault in his effort to strengthen the insurer. The unit is on track to report an underwriting profit for the full year, he said, a sign of improving stability. For the next phase, the company will work to modernize all of AIG’s businesses and workflows, a move that’s “critical,” said Chief Operating Officer Peter Zaffino, who leads property-casualty operations. “This was the second consecutive quarter of better-than-anticipated results for AIG with particular signs of progress evident in the core general insurance segment,” Mark Dwelle, an analyst with RBC Capital Markets, said in a note to clients Wednesday.

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News

AIG Reports Q2 Numbers

AIG

(MENAFN - Baystreet.ca) American International Group Inc (NYSE: AIG) reported stronger-than-expected earnings for its second quarter. The New York-based financial giant reported net income attributable to AIG common shareholders of $1.1 billion, or $1.24 per diluted common share, for the second quarter of 2019, compared to net income attributable to AIG common shareholders of $937 million, or $1.02 per diluted common share, in the prior-year quarter. AIG's General Insurance delivered a second consecutive quarter of underwriting profitability, achieving a combined ratio of 97.8 and an accident year combined ratio, as adjusted, of 96.1, driven by continued underwriting, reinsurance and expense discipline. Total consolidated net investment income was $3.7 billion in the second quarter of 2019, compared to $3.1 billion in the prior-year quarter, reflecting favorable market performance and noteworthy income within the private equity portfolio.

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Wednesday, August 07


News

American International Group: 2Q Earnings Snapshot

AIG

NEW YORK (AP) _ American International Group Inc. (AIG) on Wednesday reported second-quarter profit of $1.11 billion. On a per-share basis, the New York-based company said it had profit of $1.24. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share. American International Group shares have risen 38% since the beginning of the year, while the Standard & Poor's 500 index has climbed 15%.

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News

AIG’s Profit Rises, Boosted by Flagship Business

AIG

AIG’s flagship business of selling property-casualty insurance posted continued profitability, following a solid first quarter. The two quarters combined indicate that AIG’s general insurance business finally has made improvements in the basics of property-casualty insurance: selecting insurance risks that can be properly priced to make money.... American International Group Inc. posted a nearly 18% increase in second-quarter net income, with a turnaround effort at one of the world’s biggest sellers of insurance gaining ground. The uncertainty about its future prompted some corporate policyholders to move parts of their business away from AIG to other carriers. He also has combed through existing policyholder accounts to figure out how to overhaul or scale back insurance packages, reduced overall expenses, added reinsurance coverage to make results less volatile, and acquired two insurers to add different products to the mix. For the most-recent quarter, gross premiums in the core general insurance unit were flat at $8.65 billion.

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News

AIG profit beats on strong underwriting, investment income

AIG

(Reuters) - Insurer American International Group Inc <AIG.N> beat Wall Street estimates for quarterly profit on Wednesday, boosted by improved underwriting in general insurance business and higher investment income, sending its shares up 3% in extended trading. A strong performance in commercial and personal insurance in regions outside of North America helped the insurer post an underwriting profit of $147 million in its general insurance business compared with a loss of $89 million a year earlier. The general insurance business reported its first underwriting profit last quarter since 2007, when it was hit by the financial crisis. Net income attributable to the company's common stockholders rose to $1.10 billion, or $1.24 per share, in the second quarter ended June 30, from $937 million, or $1.02 per share, a year earlier.

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News

AIG Board of Directors Declares Common Stock Dividend and Series A Preferred Stock Dividend

AIG

The Board also declared a quarterly cash dividend of $365.625 per share on AIG Series A 5.85% Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share, which are represented by depositary shares (NYSE:AIG PRA), each representing a 1/1,000th interest in a share of preferred stock. These statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the SEC pursuant to the Securities Exchange Act of 1934. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions.

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