American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q4 2024 Earnings Presentation
41 slides from American International Group, Inc. New's earnings presentation, Feb 12, 2025
Slide 1: Fourth Quarter and Full Year 2024 Financial Results Presentation
Fourth Quarter and Full Year 2024 Financial Results Presentation February 12, 2025 Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.
Slide 2: Earnings Key Themes
Earnings Key Themes • Excellent fourth quarter and full year financial results supported by Adjusted EPS* growth of 28%(1) in 2024 “2024 was an outstanding year of accomplishments for AIG. We • Fourth quarter General Insurance NPW growth of 7%(1)*; Full strengthened the company’s capital year Genera
Slide 3: Q4 2024 Financial Highlights
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Q4 2024 Financial Highlights AATI* per diluted share of $1.30 increased 2% from the prior year quarter and 5% on a comparable basis(1) Reported $6.1B 92.5% $1.43 $70.16 8.2% 6% 340 bps $0.12 vs 4Q23 vs 4Q23 in 4Q23 Net Premiums Wri
Slide 4: 2024 Financial Highlights
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital 2024 Financial Highlights AATI* per diluted share of $4.95 increased 12% from the prior year and 28% on a comparable basis(1) Reported $23.9B 91.8% $(2.17) $70.16 (3.2)% 11% 120 bps $4.98 vs 2023 vs 2023 in 2023 Net Premiums Writte
Slide 5: Diversified Business Mix
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Diversified Business Mix Balanced portfolio across both product lines and geography By Segment By Product(1) Personal Insurance 30% Other(3) 5% Property & Auto & Global Personal Homeowners Short tail 30% 12% 19% NA Comm'l $23.9B 35
Slide 6: General Insurance
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital General Insurance 6th Consecutive Year of Full-Year AYCR* Improvement(1), Driven by Commercial Lines General Insurance Calendar Year Combined Ratio General Insurance Accident Year Combined Ratio, As Adjusted* 111.4% (19.6) pts (11.
Slide 7: Fourth Quarter 2024 Financial Detail
Fourth Quarter 2024 Financial Detail Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of t
Slide 8: General Insurance
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital General Insurance Global Commercial Lines net premiums written growth of 8% on a comparable basis(1) Key Financials Net Premiums Written(2) ($ M) ($ M) 4Q23 4Q23(1) 4Q24 $5,755 $6,077 Net premiums written $5,755 $5,554 $6,077 $5,55
Slide 9: North America Commercial Lines
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital North America Commercial Lines Net premiums written growth of 9% on a comparable basis(1) 4Q23 Change ($ M) 4Q23 Comp. Basis(1) 4Q24 Change Comp. Basis(1) • NPW increased 9%(1) from 4Q23 driven primarily by Retail Casualty as well
Slide 10: International Commercial Lines
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital International Commercial Lines Calendar year combined ratio of 83.1% improved 260 bps on a comparable basis 4Q23 Change ($ M) 4Q23 Comp. Basis(1) 4Q24 Change Comp. Basis(1) • NPW increased 7%(1) from 4Q23, driven by Global Specialt
Slide 11: Global Personal Insurance
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Global Personal Insurance Strong growth in underwriting income 4Q23 Change ($ M) 4Q23 Comp. Basis(1) 4Q24 Change Comp. Basis(1) In 4Q24, AIG realigned its organizational structure and the composition of its Net premiums written $1,
Slide 12: Other Operations
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Other Operations Improvement in APTL driven by higher net investment income, lower GOE, and lower interest expense Other Operations Adjusted Pre-tax Loss (APTL)(1) In 4Q24, AIG further simplified the ($ M) 4Q23 3Q24 4Q24 YoY QoQ re
Slide 13: Other Noteworthy Items
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Other Noteworthy Items 4Q23 4Q24 EPS – EPS – ($ M, except per share amounts) APTI AATI(1) APTI AATI(1) Diluted(2) Diluted(2) Impact of excluding prior year divestitures: Global Travel Business $(20) $(15) $(0.02) $(8) $(6) $(0.01)
Slide 14: Full Year 2024 Financial Detail
Full Year 2024 Financial Detail Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this d
Slide 15: General Insurance
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital General Insurance AYCR, as adj. improved 40 bps on a comparable basis(1) driven by improvement in the GOE ratio Key Financials Net Premiums Written(2) ($ M) ($ M) 2023 2023(1) 2024 $26,719 $23,902 Net premiums written $26,719 $21,9
Slide 16: North America Commercial Lines
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital North America Commercial Lines Net premiums written growth of 9% on a comparable basis(1) ($ M) 2023 2023 2024 Change Change • NPW increased 9%(1) from 2023 driven Comp. Basis(1) Comp. Basis(1) primarily by Retail Casualty and Lexi
Slide 17: International Commercial Lines
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital International Commercial Lines Calendar year combined ratio of 84.9% improved 250 bps from 2023 2023 Change • NPW increased 4%(1) from 2023, driven by ($ M) 2023 Comp. Basis(1) 2024 Change Comp. Basis(1) Property, Global Specialty
Slide 18: Global Personal Insurance
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Global Personal Insurance AYCR, as adj. improved 170 bps from 2023 2023 Change ($ M) 2023 Comp. Basis(1) 2024 Change Comp. Basis(1) In 4Q24, AIG realigned its organizational structure and the composition of its Net premiums written
Slide 19: Other Operations
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Other Operations Improvement in APTL driven by higher net investment income, lower GOE, and lower interest expense Other Operations Adjusted Pre-tax Loss (APTL)(1) In 4Q24, AIG further simplified the YoY reporting for Other Operati
Slide 20: Other Noteworthy Items
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Other Noteworthy Items 2023 2024 EPS – EPS – ($ M, except per share amounts) APTI AATI(1) APTI AATI(1) Diluted(2) Diluted(2) Impact of excluding prior year divestitures: Global Travel Business $(51) $(38) $(0.05) $(45) $(34) $(0.05
Slide 21: Investment Portfolio
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($ B) $0.7 • $89.8B high quality investment portfolio with aggregate asset Fixed Maturity Securities (FMS) - Avai
Slide 22: Investment Income
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Investment Income Yield on FMS - AFS Bonds and Loans increased since 2021 due to higher interest rates AIG Yields and Investment Income on FMS – AFS Bonds and Mortgage and Other Loans Receivable(1) ($ M) • 4Q24 yield(2) on FMS – AF
Slide 23: Balance Sheet Strength
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Balance Sheet Strength Debt to capital ratio of 17.0% and strong insurance company capitalization Capital Structure ($ B) Capital Ratios December 31, 2024 • At December 31, 2024, total debt to total capital ratio of 17.0% is within
Slide 24: AIG Shareholders' Equity
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital AIG Shareholders’ Equity Walk From AIG Reported to Core Operating Shareholders’ Equity at December 31, 2024 ($ B) $2.2 $(3.5) $(3.8) $42.5 $44.7 $37.4 (1) Total AIG Less: Investments AOCI AIG Adjusted Less: Deferred Tax Assets Less
Slide 25: Capital Management
Financial Highlights 4Q’24 Results FY’24 Results Investments Capital Capital Management Continued successful execution of balanced capital management Share Repurchase ($ M) AIG Total Debt to Total Capital Leverage Ratio(1) Aggregate share repurchases of $7.7B Achieved milestone of meeting leverage t
Slide 26: Cautionary Statement
Cautionary Statement Following the deconsolidation of Corebridge, the historical financial results of Corebridge, for all periods presented, are reflected in AIG’s consolidated financial statements as discontinued operations in accordance with generally accepted accounting principles in the United S
Slide 27: Appendix: Glossary of Non-GAAP Financial Measures and Reconciliations
Appendix: Glossary of Non- GAAP Financial Measures and Non-GAAP Reconciliations Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.
Slide 28: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “Non-GAAP financial measures” under Securit
Slide 29: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized ga
Slide 30: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums ea
Slide 31: Non-GAAP Reconciliations – Adjusted Pre-tax Income
Non-GAAP Reconciliations – Adjusted Pre-tax Income (in millions) Quarterly Full Year 4Q23 4Q24 FY23 FY24 Pre-tax income from continuing operations $479 $1,546 $2,867 $3,870 Adjustments to arrive at Adjusted pre-tax income Changes in the fair values of equity securities, AIG's investment in Corebridg
Slide 32: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly Full Year 4Q23 4Q24 FY23 FY24 Net income (loss) $(473) $901 $3,878 $(926) Noncontrolling interests (income) loss (1) 566 (3) (235) (478) Net income attributable to AIG - including discontinued operations $93 $898 $3,643 $(1
Slide 33: Non-GAAP Reconciliations – General Insurance and Other Operations NII and APTI
Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income (Loss) (in millions) Quarterly 3Q24 4Q23 4Q24 Other Operations General Insurance Other Operations General Insurance Other Operations Net Net Net Net Net Investment Pre-tax In
Slide 34: Non-GAAP Reconciliations – General Insurance and Other Operations NII and APTI (cont'd)
Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income (Loss) (cont’d) (in millions) Full Year FY23 FY24 General Insurance Other Operations General Insurance Other Operations Net Net Net Net Investment Pre-tax Investment Pre-tax
Slide 35: Non-GAAP Reconciliations – Book Value Per Share
Non-GAAP Reconciliations – Book Value Per Share (in millions, except per share data) 4Q24 Book Value Per Share Total AIG shareholders' equity $42,521 Less: Preferred equity — Total AIG common shareholders' equity (a) 42,521 Less: Investments AOCI (2,872) Add: Cumulative unrealized gains and losses r
Slide 36: Non-GAAP Reconciliations – Return on Equity
Non-GAAP Reconciliations – Return on Equity Return on Equity (in millions) Quarterly Full Year Return On Equity Computations 4Q23 4Q24 FY23 FY24 Actual or Annualized net income attributable to AIG common shareholders (a) $344 $3,592 $3,614 $(1,426) Actual or Annualized adjusted after-tax income attr
Slide 37: Non-GAAP Reconciliations – Comparable Basis
Non-GAAP Reconciliations – Comparable Basis(1) (dollars in millions) 4Q23 FY23 Validus Re and Validus Re, CRS Foreign AIG's Travel Comparable Foreign and AIG's Travel Comparable As Reported Exchange business Basis As Reported Exchange business Basis General Insurance Net premiums written $5,755 $35
Slide 38: Non-GAAP Reconciliations – Comparable Basis (cont'd)
Non-GAAP Reconciliations – Comparable Basis(1) (cont’d) (dollars in millions) 4Q23 FY23 Validus Re and Validus Re, CRS Foreign AIG's Travel Comparable Foreign and AIG's Travel Comparable As Reported Exchange business Basis As Reported Exchange business Basis International Commercial Net premiums wri
Slide 39: Non-GAAP Reconciliations – Comparable Basis (cont'd)
Non-GAAP Reconciliations – Comparable Basis(1) (cont’d) Net premiums written International Commercial Global Personal Property Energy Personal Auto FY24 FY24 FY24 Increase (decrease) as reported in U.S. dollars 9.7% 13.0% 2.4% Foreign exchange effect 1.3 (0.3) 5.2 Increase (decrease) on comparable b
Slide 40: Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios
Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios General Insurance Quarterly Full Year North America Commercial Quarterly Full Year 4Q23 4Q24 FY23 FY24 4Q23 4Q24 FY23 FY24 Loss ratio 56.5% 59.7% 58.9% 59.8% Loss ratio 61.1% 75.4% 61.8% 69.9% Catastrophe losses and reinstatement prem
Slide 41: Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios (cont'd)
Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios (cont’d) General Insurance Full Year FY18 FY19 FY20 FY21 FY22 Loss ratio 75.7 65.2 71.0 64.2 60.8 Catastrophe losses and reinstatement premiums (10.5) (4.8) (10.3) (5.4) (5.0) Prior year development, net of reinsurance and prior year
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