AIG Q3 net premiums written rise on commercial, personal insurance growth
Overview
US insurer's Q3 net premiums written rose 7% yr/yr
Adjusted after-tax income per share declined yr/yr
Company returned $787 mln to shareholders via buybacks and dividends
Outlook
Company did not provide specific financial guidance for the current quarter or full year in its press release
Result Drivers
PREMIUM GROWTH - Co said higher net premiums written were driven by growth in Global Commercial and Global Personal Insurance
INVESTMENT INCOME - Higher net investment income, mainly from fixed income portfolio, contributed to results
UNDERWRITING PRESSURE - Higher catastrophe losses and lower favorable prior-year development reduced underwriting income, partly offset by higher earned premiums and strong accident-year results
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Gross Premiums Written | $9.17 bln | ||
Q3 EPS | $1.60 | ||
Q3 Net Income | $844 mln | ||
Q3 Adjusted ROE | 10.30% | ||
Q3 ROE | 8.50% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 15 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the property & casualty insurance peer group is "hold"
Wall Street's median 12-month price target for American International Group, Inc. is $87.50, about 6.2% above its November 2 closing price of $82.40
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago
Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)