AIG says insurance market has shifted to a more selective pricing environment
Company remains confident in meeting its 2025 financial objectives
AIG sees significant opportunity for sustainable, profitable growth
Result drivers
Premium growth - General Insurance net premiums written rose 9% yr/yr, driven by organic growth in select segments and strategic transactions, partially offset by declines in North America Property lines
Underwriting improvement - Underwriting income rose 10% yr/yr, supported by improved expense ratio and higher favorable prior year development, partially offset by higher catastrophe-related charges
Lower investment income - Net investment income fell, mainly due to changes in the fair value of AIG's investment in Corebridge and equity securities
Analyst coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 15 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the property & casualty insurance peer group is "buy"
Wall Street's median 12-month price target for American International Group, Inc. is $88.50, about 10.5% above its August 5 closing price of $80.12
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