The following is a summary of the American International Group, Inc. (AIG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AIG reported Q1 2024 adjusted after-tax income of $1.2 billion, a 9% YoY increase.

• Consolidated net investment income was $3.5 billion, a 13% YoY increase.

• The General Insurance division saw an underwriting income rise of 19% YoY to $596 million.

• Life & Retirement business division brought in a record high quarterly result with premiums and deposits of $10.7 billion.

• AIG managed to return over $2.4 billion to shareholders through stock repurchases and dividends and reduced its total debt to $9.8 billion.

• The net investment income on an adjusted pretax basis was $3.5 billion, a 13% increase from Q1 2023.

• AIG's book value per common share was $64.66 this quarter, up 10% from the prior year quarter.

Business Progress:

• AIG has lowered its total catastrophe-related losses to $107 million in Q1 2024.

• The company completed the sale of Corebridge's UK Life Insurance Business to Aviva plc, generating proceeds of approximately $550 million.

• The strategic initiative, AIG Next, is aimed at reducing complexity and generating an estimated $500 million in annual savings by 2025.

• Their voluntary early retirement program could result in a net benefit of approximately $150 million after reinvestment.

• Continuing to provide more than 25% of their U.S. workforce with the option for early retirement.

• AIG plans to achieve an adjusted ROI of over 10% following the deconsolidation from Corebridge.

• Current efforts being made in the 'AIG Next' strategy and the deconsolidation of Corebridge should assist in achieving their 10% plus adjusted ROCE goal in 2024.

• AIG plans to grow in excess and surplus lines and drive higher yields and net investment income in General Insurance and Life and Retirement.

• Detailed plans are being explored for potential equity sell-down of Life & Retirement business, Corebridge, and regulating share repurchase in a methodical way.

More details: American International Group IR

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