MADRID, 2 May. (EUROPA PRESS) –
The American insurance organization American International Group (AIG) has multiplied by 60 (5,091%) its net profit attributable to its common shareholders in the first quarter of the year, going from 23 million dollars (21.5 million euros) to 1,194 million dollars (1,115 million euros), according to the results of the entity published this Thursday
The firm explained that the increase was primarily driven by net realized gains in Fortitude Re funds with retained embedded derivatives, compared to net realized losses in the prior-year quarter.
“AIG entered 2024 with very strong momentum in realizing our strategic and operational progress, while achieving exceptional financial results, reflecting the fundamental capabilities we have cultivated over the past few years. In addition to exceptional profitability, this quarter was marked by the significant capital management actions we completed, placing AIG in a position of strength prior to the deconsolidation of Corebridge Financial from AIG,” said AIG Chairman and CEO Peter Zaffino.
On the other hand, AIG’s net income from total investments for the first quarter of 2024 was 3,904 million dollars (3,648 million euros), an increase of 11% compared to the 3,533 million dollars (3,301 million euros) of the same period of the previous year.
The entity attributed this growth primarily to higher income from fixed income securities and loans due to higher reinvestment rates, partially offset by lower returns from alternative investments and lower income on assets held in Fortitude Re funds.
Its net income from total investments on an APTI basis was $3.468 billion (€3.24 billion), an increase of 13% from the prior-year quarter, “reflecting higher reinvestment rates, partially offset by lower investment returns.” alternatives,” AIG said.
In General Insurance, its net investment income increased 2% compared to the previous year’s quarter, “overcoming the adversity associated with the sale of Validus”, which produced $31 billion (28,968 million euros) in net investment income in the quarter of the previous year.
Likewise, it indicated that, excluding Validus’ results for the first quarter of 2023, net investment income increased approximately 7% with a 9% increase in fixed income securities and loans due to higher reinvestment rates compared to the quarter of the year. last year.
AIG, listed on the New York Stock Exchange, reported net earnings per diluted share attributable to AIG common shareholders of $1.74 per share.
