AIG Stock Dips Following Q4 Results
Portfolio Pulse from Erica Kollmann
American International Group, Inc. (AIG) reported Q4 earnings of $1.79 per share, surpassing the consensus estimate of $1.64. Q4 net premium written increased by 3% year-over-year to $5.61 billion. Net investment income for Q4 rose 21% year-over-year to $3.9 billion, mainly due to higher income from fixed maturity securities and loans. CEO Peter Zaffino highlighted the company's outstanding financial results, excellent underwriting performance, and successful execution of complex initiatives in 2023. AIG's full-year adjusted after-tax income per diluted share increased by 33% from the previous year to $6.79. The company has repositioned for the future with the divestitures of Validus Re and Crop Risk Services. AIG shares dropped 1.51% after-hours to $69.03.
February 13, 2024 | 10:11 pm
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AIG surpassed Q4 earnings estimates and reported significant year-over-year growth in net premium written and net investment income. The company's full-year adjusted after-tax income per diluted share also saw a substantial increase. Despite these positive results, AIG shares fell 1.51% after-hours.
Despite AIG's strong Q4 performance and positive financial results for 2023, the after-hours stock price movement indicates a negative short-term impact. This could be due to market expectations being even higher than the reported results or other external market factors influencing investor sentiment. The significant achievements and strategic divestitures highlighted by the CEO underscore the company's strong position and future potential, yet the immediate market reaction was negative.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100