Key Takeaways From AIG’s Q2 Earnings
AIG (NYSE:AIG) reported better-than-expected second quarter earnings on Tuesday, August 2. The insurer posted net income of $1.9 billion compared to $1.8 billion in the prior year quarter, while after-tax operating income was down by 29%. The company’s bottom line was influenced by declines in earnings from market-sensitive assets and a $455 million after-tax net loss of reserve discount on workers’ compensation reserves.
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Moderate Business Segments Performance
AIG ranks among the top ten Property & Casualty (P&C) insurers in the U.S., with a market share of 3.23% in terms of premiums earned. In Q2 2016, the P&C division’s overall revenues declined by 15% y-o-y to $6.5 billion and pre-tax segment operating income declined by 27% to $1.08 billion. The Life and Retirement division’s pre-tax operating income increased by 8% and its revenues declined marginally.
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