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American International Group Inc (AIG) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

American International Group Inc

CIK: 5272 Ticker: AIG

 Exhibit 99.1 

 

 

FOR IMMEDIATE RELEASE

 

Press Release

AIG

175 Water Street

New York, NY 10038

www.aig.com

Contacts:

Sabra Purtill (Investors): sabra.purtill@aig.com

Shelley Singh (Investors): shelley.singh@aig.com

Daniel O’Donnell (Media): daniel.odonnell@aig.com

Claire Talcott (Media): claire.talcott@aig.com

 

 

AIG Reports First Quarter 2020 Results

 

·Net income attributable to AIG common shareholders was $1.7 billion, or $1.98 per diluted common share, for the first quarter of 2020, compared to $654 million, or $0.75 per diluted common share, in the prior year quarter, primarily driven by $3.5 billion of pre-tax net realized capital gains, compared to $446 million of pre-tax net realized capital losses in the prior year quarter.
·Adjusted after-tax income attributable to AIG common shareholders* was $99 million, or $0.11 per diluted common share, for the first quarter of 2020, compared to $1.4 billion, or $1.58 per diluted common share, in the prior year quarter.
·General Insurance posted a combined ratio of 101.5 compared to 97.4 in the prior year quarter. The accident year combined ratio, as adjusted*, was 95.5, compared to 96.1 in the prior year quarter, reflecting a better portfolio mix due to disciplined underwriting and continued expense management.
·General Insurance had $419 million of pre-tax catastrophe losses (CATs), net of reinsurance, in the first quarter. This included $272 million of estimated COVID-19 losses related to Travel, Contingency, Commercial Property, Trade Credit, Workers’ Compensation and Validus Re. The remainder of the CATs were primarily weather-related.
·Life and Retirement reported adjusted pre-tax income of $574 million, primarily due to declines in equity markets and widening spreads in credit markets triggered by the ongoing COVID-19 crisis.
·Total consolidated net investment income was $2.5 billion compared to $3.9 billion in the prior year quarter. Net investment income on an adjusted pre-tax income basis decreased approximately $1.0 billion to $2.7 billion, reflecting lower alternative investment returns and losses on fair value option (FVO) securities.
·Book value per common share was $69.30 at March 31, 2020, a decrease of 8% compared to December 31, 2019. Book value per common share, excluding accumulated other comprehensive income (AOCI) and deferred tax assets (DTA) (Adjusted book value per common share)* was $60.55, an increase of 3% compared to December 31, 2019.
·Return on Common Equity (ROCE) and Return on Common Equity, excluding AOCI and DTA (Adjusted ROCE)* were 11.2% and 0.8%, respectively, for the three months ended March 31, 2020.

 

* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP Financial Measures.


The following information was filed by American International Group Inc (AIG) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical - Assets And Liabilities)
Condensed Consolidated Balance Sheets (Parenthetical - Equity)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Income
Supplementary Disclosure Of Consolidated Cash Flow Information
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Contingencies, Commitments And Guarantees
Contingencies, Commitments And Guarantees (Details - Contingencies, Commitments And Guarantees)
Derivatives And Hedge Accounting
Derivatives And Hedge Accounting (Details - Additional Information)
Derivatives And Hedge Accounting (Details - Fair Values Of Derivative Assets And Liabilities)
Derivatives And Hedge Accounting (Details - Hedge Accounting)
Derivatives And Hedge Accounting (Details - Notional Amounts And Fair Values Of Our Derivative Instruments)
Derivatives And Hedge Accounting (Tables)
Earnings Per Common Share (Eps)
Earnings Per Common Share (Eps) (Details)
Earnings Per Common Share (Eps) (Tables)
Employee Benefits
Employee Benefits (Details - Components Of Net Periodic Benefit Cost With Respect To Pensions And Other Postretirement Benefits)
Employee Benefits (Tables)
Equity
Equity (Details - Common Stock And Dividends)
Equity (Details - Narratives)
Equity (Details - Other Comprehensive Income Reclassification Adjustments)
Equity (Details - Preferred Stock)
Equity (Details - Reclassification Of Significant Items Out Of Accumulated Other Comprehensive Income)
Equity (Details - Rollforward Of Accumulated Other Comprehensive Income (Loss))
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Details - Assets And Liabilities Measured At Fair Value On A Recurring Basis)
Fair Value Measurements (Details - Assets Measured At Fair Value On A Non-Recurring Basis At The Time Of Impairment And The Related Impairment Charges Recorded During The Periods Presented)
Fair Value Measurements (Details - Carrying Values And Estimated Fair Values Of Our Financial Instruments Not Measured At Fair Value)
Fair Value Measurements (Details - Changes In Level 3 Recurring Fair Value Measurements)
Fair Value Measurements (Details - Difference Between Fair Values And The Aggregate Contractual Principal Amounts Of Mortgage And Other Loans Receivable And Long-Term Borrowings For Which The Fair Value Option Was Elected)
Fair Value Measurements (Details - Gains Or Losses Recorded Related To The Eligible Instruments For Which We Elected The Fair Value Option)
Fair Value Measurements (Details - Gross Components Of Purchases, Sales, Issuances And Settlements)
Fair Value Measurements (Details - Investments In Certain Other Invested Assets, Including Private Equity Funds, Hedge Funds And Other Alternative Investments)
Fair Value Measurements (Details - Net Realized And Unrealized Gains And Losses Included In Income Related To Level 3 Assets And Liabilities)
Fair Value Measurements (Details - Quantitative Information About Level 3 Fair Value Measurements, Assets)
Fair Value Measurements (Details - Quantitative Information About Level 3 Fair Value Measurements, Liabilities)
Fair Value Measurements (Tables)
Held-For-Sale Classification
Held-For-Sale Classification (Details - Narrative)
Held-For-Sale Classification (Details - Summary Of Assets And Liabilities Held For Sale)
Held-For-Sale Classification (Tables)
Income Taxes
Income Taxes (Details)
Insurance Liabilities
Insurance Liabilities (Details - Discounting Of Reserves)
Insurance Liabilities (Details - Liability For Unpaid Losses And Loss Adjustment Expenses)
Insurance Liabilities (Tables)
Investments
Investments (Details - Amortized Cost And Fair Value Of Fixed Maturity Securities Available For Sale By Contractual Maturity)
Investments (Details - Amortized Cost Or Cost And Fair Value Of Available For Sale Securities)
Investments (Details - Carrying Amounts Of Other Invested Assets)
Investments (Details - Components Of Net Investment Income)
Investments (Details - Components Of Net Realized Capital Gains (Losses))
Investments (Details - Gross Realized Gains And Gross Realized Losses From Sales Or Maturities Of Available For Sale Securities)
Investments (Details - Pledged Investments)
Investments (Details - Reconciliation Of Purchase Price To Unpaid Principal Balance Of Securities Purchased With Credit Deterioration)
Investments (Details - Rollforward Of Changes In Allowance For Credit Losses On Available For Sale Fixed Maturity Securities By Major Ivnvestment Category)
Investments (Details - Rollforward Of The Cumulative Credit Losses In Other-Than-Temporary Impairments Recognized In Earnings)
Investments (Details - Schedule Of Increase (Decrease) In Unrealized Appreciation (Depreciation) Of Available For Sale Securities And Other Investments)
Investments (Details - Schedule Of Purchased Credit Impaired (Pci) Securities)
Investments (Details - Securities Available For Sale In A Loss Position)
Investments (Details - Value Of Other Securities Measured At Fair Value Based On Election Of The Fair Value Option)
Investments (Tables)
Lending Activities
Lending Activities (Details - Composition Of Mortgages And Other Loans Receivable)
Lending Activities (Details - Credit Quality Of Commercial Mortgages)
Lending Activities (Details - Credit Quality Of Residential Mortgages By Year Of Vintage)
Lending Activities (Details - Credit Quality Performance Indicators For Commercial Mortgages)
Lending Activities (Details - Rollforward Of The Changes In The Allowance For Losses On Mortgage And Other Loans Receivable)
Lending Activities (Tables)
Segment Information
Segment Information (Details - Narrative)
Segment Information (Details - Schedule Of Continuing Operations By Operating Segment)
Segment Information (Details - Schedule Of Continuing Operations By Operating Segment, Reconciling Items)
Segment Information (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Signicficant Accounting Policies (Policies)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details - Narratives)
Summary Of Significant Accounting Policies (Details - Rollforward Of Allowance For Credit Losses And Disputes In Connection With The Adoption Of The Financial Instruments Credit Losses Standard)
Summary Of Significant Accounting Policies (Details - Rollfoward Of The Reinsurance Recoverable Allowance For Credit Losses And Disputes)
Summary Of Significant Accounting Policies (Tables)
Variable Interest Entities
Variable Interest Entities (Details)
Variable Interest Entities (Tables)

Material Contracts, Statements, Certifications & more

American International Group Inc provided additional information to their SEC Filing as exhibits

Ticker: AIG
CIK: 5272
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-20-056631
Submitted to the SEC: Tue May 05 2020 10:16:32 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Fire Marine And Casualty Insurance

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