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AIG Q3 net premiums written rise on commercial, personal insurance growth

By Reuters News


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

  • Nov 2 - CNA Financial Q3 net income falls, catastrophe losses rise

  • Nov 3 - Bowhead Q3 profit beats estimates on divisional premium growth

  • Nov 2 - CBIZ Benefits & Insurance Services launches as New Mountain-backed standalone company


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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