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Bond Market News

AIG Beats on Q4 Earnings Boosted by Underwriting

February 17, 2022

American International Group Inc. (AIG) reported its seventh consecutive quarterly earnings beat with an adjusted after tax income of $1.3bn or $1.58/share, up 57% YoY and beating analyst estimates of $1.19 as per a Bloomberg survey. Its General Insurance combined ratio improved by a solid 10.2 points to 92.4%, implying that it spent 92.4 cents on claims and expenses for every dollar received in premiums. General insurance net premiums written grew 7% YoY to $5.96bn, driven by 13% and 18% YoY growth in Global Commercial Lines. AIG Parent liquidity stood at $10.7bn as at 2021-end, up from $5.4bn at September-end. During the quarter, AIG repurchased $1bn worth of common stock and $1bn towards debt reduction.

AIG’s 3.875% 2035s are trading 0.5 points lower this week to 103.176 to yield 3.56%.

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