AIG's Q2 2024 net premium written falls 8%

It accumulated $6.9b during the April to June period.

American International Group’s (AIG) second quarter (Q2 2024) net premium written (NPW) for the general insurance business fell by 8% year-on-year (YoY) to $6.9b.

Meanwhile, its International Commercial Lines reported a 3% increase in NPW, driven by Global Specialty, Property, and Casualty lines, thanks to higher renewal retention and strong new business production. However, this was partially offset by a decrease in Financial Lines.

In contrast, International Personal Insurance NPW declined by 4% from the previous year. This increase was largely attributed to higher Personal Auto and Individual Travel premiums, though it was partially offset by a decrease in Warranty.

Groupwide, its Commercial Lines new business of $1.3b, up 18% YoY, supported by robust global retention.

Net loss per diluted share was $5.96, compared to income of $2.03 in the prior year quarter, reflecting the impact of the Corebridge deconsolidation.

Its book value per share in Q2 2024 was at $68.40, versus the $58.49 the previous year.

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