John Walsh’s Post

AIG Reports Fourth Quarter and Full Year 2024 Results. California wildfires estimated net loss approximately $500 million, before reinstatement premiums. Fourth Quarter 2024: ❖ General Insurance net premiums written of $6.1 billion, an increase of 6% year-over-year on a reported basis, or 7% on a comparable basis ❖ Combined ratio was 92.5%. Accident year combined ratio, as adjusted was 88.6% Full Year 2024: ❖ Strong General Insurance NPW of $23.9 billion, a decrease of 11% year-over-year on a reported basis as a result of divestitures, or an increase of 6% on a comparable basis ❖ Global Commercial NPW of $16.8 billion, a decrease of 14% year-over-year, or an increase of 7% on a comparable basis, led by excellent growth in North America Commercial of 9% ❖ Exceptional new business written in Global Commercial of $4.5 billion, growing 9% year-over-year ❖ Combined ratio was 91.8% AYCR was 88.2% “2024 was an outstanding year of accomplishments for AIG in which we successfully executed multiple complex strategic and operational priorities, delivered outstanding financial results and created exceptional value for our clients and stakeholders. We strengthened the company’s capital structure, improved our financial performance, and achieved a historic milestone with the deconsolidation of Corebridge Financial, which enabled us to organize our business into three distinct operating segments. As a result of our steadfast commitment to prudently managing risk and volatility, we ended 2024 with excellent fourth quarter results, generating strong growth across our businesses with outstanding underwriting profitability. Underwriting income was nearly $2 billion, marking another year of exceptional underwriting results. This was reflected in a combined ratio that was below 92% for a third consecutive year and an accident year combined ratio, as adjusted that was again below 89%. Full year 2024 net premiums written increased 6% on a comparable basis from the prior year. We continued to see momentum in Global Commercial, with net premiums written up 7%, by very strong retention of 88% and record high new business of $4.5 billion. We successfully launched our reinsurance Syndicate 2478 at Lloyd's through a multi-year strategic relationship with Blackstone. The syndicate began underwriting on January 1, 2025, and now serves as a key component of AIG’s #reinsurance strategy, which includes enhancements to the underlying structures and terms of many of the reinsurance treaties we placed at January 1." Peter Zaffino