Published on 2 May 2024 on Zacks via Yahoo Finance
American International Group, Inc. AIG reported first-quarter 2024 adjusted earnings per share of $1.77, which beat the Zacks Consensus Estimate by 6.6%. The bottom line improved 8.6% year over year.
Operating revenues amounted to $12.5 billion, which inched up 0.8% year over year. The top line surpassed the consensus mark by 3.6%.
The results were driven by Commercial Lines strength, which, in turn, was aided by favorable underwriting results and a decline in catastrophe losses. Strong contributions from the Life and Retirement unit, and solid investment results, coupled with a falling expense level, also contributed to the upside. However, the upside was partly offset by changes implemented in the insurance structure that inflicted adversities on net premiums written of the General Insurance segment.