AIG Q3 net premiums written rise on commercial, personal insurance growth
AIG•AIG said third-quarter net premiums written rose 7% year over year, driven by growth in Global Commercial and Global Personal Insurance. Adjusted after-tax income per share declined year over year, and the company returned $787 million to shareholders through buybacks and dividends.
1. Premiums and income
Third-quarter net premiums written rose 7% year over year as Global Commercial and Global Personal Insurance grew. AIG reported $9.17 billion in gross premiums written, net income of $844 million and earnings per share of $1.60.
2. Investment and underwriting
Higher net investment income, mainly from the fixed income portfolio, contributed to results. Higher catastrophe losses and lower favorable prior-year development reduced underwriting income, partly offset by higher earned premiums and strong accident-year results.
3. Capital returns
AIG returned $787 million to shareholders through share buybacks and dividends. The company did not provide specific financial guidance for the current quarter or full year in its press release.
