New York insurer AIG profit beats estimates on general insurance, retirement gains



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New York insurer AIG profit beats estimates on general insurance, retirement gains

On Thursday, AIG Inc (American International Group), the New York City-based one of the largest finance and insurance companies in the United States, had unveiled earnings’ report for fiscal first quarter of 2021, which had handily beaten Wall Street profit expectations, as a stronger-than-anticipated performance on its general insurance alongside life and retirement unit had weathered the fiscal gales stemming form Texas winter storm alongside pandemic associated mortality claims.

Besides, AIG Inc. had also added on its quarterly earnings’ report that the American insurer’s combined ratio for general insurance accident year excluding cataclysmic losses, fell to 92.4 in the latest quarter compared to a reading of 95.5 clocked at the same time a year earlier, while a combined ratio below 100 suggests that the insurer had paid off less in premiums and claims than those it had earned.

On top of that, latest upbeat quarterly earnings’ report of AIG Inc. came forth as many US-based insurers had been witnessing a perilous plunge in pandemic-associated claims following a sharp rise in pay-outs last year as vaccine rollouts had allowed more businesses to reopen in the United States.

AIG reports strong quarterly profit on fiscal Q1, 2021

Besides, according to AIG Inc.’s quarterly earnings’ report revealed late in the day, the insurer’s net profit stood at $1.05 per share, above an analysts’ estimate of 97 cents, IBES data from Refinitiv had unveiled, while after-tax income attributable to common shareholders surged to $923 million in the latest quarter that ended on March 31 compared to a figure of $105 million on an annualized basis, as AIG Inc.’s life and retirement unit had shelved a 57 per cent jump in pre-tax income to $941 million.

Nonetheless, shares’ prices of AIG Inc. fell 1.59 per cent to $49.17 in post-market trading after wrapping up the day 2.66 per cent higher to $50.17, as the American insurer had flagged a gloomier outlook on its life insurance business amid a pandemic-era new normalcy.