General Insurance Financial Overview
Adjusted ROE improvement
and tangible book value
growth reflect strong
operating performance in
General Insurance and solid
Life and Retirement results
General Insurance 4Q21 and FY'21 APTI of $1.5B and $4.4B
reflect strong underwriting results; the combined ratio was
92.4 in 4Q21 and 95.8 in FY'21, a 10.4 point and 8.5 point
improvement, respectively, from prior year periods; the AYCR,
as adjusted was 89.8 and 91.0 in 4Q21 and FY'21, reflecting
continued improvement by Commercial Lines in the quality of
the portfolio and Commercial Insurance underwriting
business mix
Life and Retirement 4Q21 and FY'21 APTI of $969M and $3.9B,
compared to $1,027M and $3.5B in prior year periods; Life
Insurance 4Q21 adjusted pre-tax loss (APTL)* of $8M and FY'21
APTI of $106M, down $38M and $36M, respectively, from prior
year periods primarily due to unfavorable mortality
Other Operations 4Q21 and FY'21 APTL was $648M and $2.4B,
including $470M and $932M of reductions from consolidation
and eliminations; the increase in consolidation and
eliminations APTL reflects the elimination of the insurance
companies' NII on their investment in consolidated
investment entities that is accounted for as realized gains or
losses in consolidation
1) Other Operations is primarily comprised of corporate, our institutional asset
management business and consolidation and eliminations.
* Refers to financial measure not calculated in accordance with generally accepted
accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP
measures and reconciliations to their closest GAAP measures can be found in this
presentation under the heading Glossary of Non-GAAP Financial Measures and
Non-GAAP Reconciliations.
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($M, except per common share amounts)
Adjusted Pre-tax Income (Loss):
General Insurance
Life and Retirement
Other Operations¹
Total adjusted pre-tax income
AATI attributable to AIG common shareholders
AATI per diluted share attributable to AIG common
shareholders
Net income (loss) attributable to AIG common
shareholders
4Q20 4Q21 Variances
FY'20 FY'21 Variances
$809 $1,509 $700
1,027 969
(58)
(720) (648)
72
$1,116 $1,830 $714
$827 $1,339 $512
$0.94 $1.58 $0.64
$1,901 $4,359 $2,458
3,531 3,911
380
(2,429) (2,350) 79
$3,003 $5,920 $2,917
$2,201 $4,430 $2,229
$2.52 $5.12 $2.60
$57.01 $68.83
($60) $3,739 $3,799
$76.46 $79.97 $3.51
$11.82
($5,973) $9,359
$15,332
$76.46 $79.97
$3.51
$57.01 $68.83
$11.82
Adjusted tangible book value per common share
$51.18 $62.82
$11.64
$51.18 $62.82
$11.64
Net income (loss) attributable to noncontrolling interests
Total adjusted return on common equity
General Insurance Underwriting Ratios:
Loss ratio
$37
$360
6.7%
9.9%
$323
3.2%
$115 $535
4.4% 8.6%
$420
4.2%
70.2% 61.8%
8.4%
71.0% 64.2%
6.8%
Book value per common share
Adjusted book value per common share
Less: impact on loss ratio
Prior year development (PYD)
Accident year loss ratio (AYLR), as adjusted
Expense ratio
Catastrophe losses and reinstatement premiums
(0.9%) 0.3%
60.3% 59.2%
(9.0%) (2.9%) 6.1%
1.2%
1.1%
(10.3%) (5.4%)
4.9%
0.1%
0.6%
0.5%
32.6% 30.6%
102.8% 92.4%
92.9% 89.8%
2.0%
10.4%
3.1%
60.8% 59.4%
33.3% 31.6%
1.4%
1.7%
104.3% 95.8%
94.1% 91.0%
8.5%
3.1%
Combined ratio
Accident year combined ratio, as adjusted
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