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Investor Presentaiton

2Q20 Pre-tax loss of $9.7B; APTI of $803M reflects improvement in AY adjusted Commercial Lines results and strong performance in Life & Retirement, offset by COVID-19 and private equity losses ($M, except per common share amounts) Pre-tax income (loss) from continuing operations Adjusted Pre-tax Income (Loss): General Insurance Life and Retirement Other Operations¹ Total Core 2Q19 2Q20 Variances $1,837 ($9,661) ($11,498) Key Takeaways General Insurance APTI declined by $805M primarily due - $500M increase in CATs primarily due to COVID-19 and civil unrest - $315M reduction in NII, primarily due to private equity losses, which are generally reported on a one quarter lag and reflect 1Q20 market levels 1,558 Legacy Portfolio 119 546 257 $980 $175 ($805) 1,049 881 (168) (471) (510) (39) (1,012) to: Total adjusted pre-tax income* $1,677 AATI* attributable to AIG common shareholders $803 $571 AATI* per diluted share attributable to AIG common shareholders Net income (loss) attributable to AIG common shareholders Consolidated adjusted ROCE* General Insurance Underwriting Ratios: Loss ratio Less: impact on loss ratio Catastrophe losses and reinstatement premiums Prior year development Accident year loss ratio, as adjusted Expense ratio Calendar year combined ratio Accident year combined ratio, as adjusted AIG 138 ($874) $1,272 ($701) $1.43 $0.66 ($0.77) $1,102 ($7,936) ($9,038) 10.4% 4.6% (5.8) pts 63.0% 72.6% Better (Worse) (9.6) pts (2.6%) (11.9%) (9.3) pts 0.9% 0.8% (0.1) pts 61.3% 61.5% (0.2) pts 34.8% 33.4% 1.4 pts 97.8% 106.0% (8.2) pts 96.1% 94.9% 1.2 pts ■ - Partially offset by very strong improvement in Commercial Lines accident year adjusted underwriting results Life and Retirement APTI declined $168M largely due to private equity losses, continued spread compression and elevated mortality due to COVID-19, partially offset by higher other yield enhancements income and lower DAC amortization and lower Variable Annuities reserves resulting from higher equity markets in 2Q20 Other Operations adjusted pre-tax loss (APTL) increased primarily due to lower NII on consolidated investment entities and increased interest expense related to $4.1B of debt issued during the quarter Legacy APTI increased primarily due to an increase in NII, even though 2Q20 includes two months of Fortitude income compared to three months in 2Q19; Legacy APTI for 2Q19 and the first two months of 2Q20 are reduced in AATI for AIG due to Carlyle's 19.9% minority interest in Fortitude * Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations. 1) Includes corporate GOE, certain compensation expenses, interest and other expenses not allocated to segments as well as consolidation, eliminations and other adjustments. 5
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