American International Group (AIG) announced financial results for the fourth quarter and full year ended December 31, 2024. General Insurance net premiums written (NPW) amounted to USD 6.1 billion, which means an increase of 6% y-o-y on a reported basis, or 7% on a comparable basis, according to the Group’s report.

The key takeaways of the report include:

Fourth Quarter 2024:

• General Insurance net premiums written (NPW) of USD 6.1 billion, an increase of 6% y-o-y on a reported basis, or 7% on a comparable basis
• Combined ratio was 92.5%; Accident year combined ratio, as adjusted (AYCR) was 88.6%
• Returned approximately USD 2.1 billion of capital to shareholders in the fourth quarter through USD 1.8 billion of share repurchases and USD 244 million of dividends

Full Year 2024:

• Strong General Insurance NPW of USD 23.9 billion, a decrease of 11% y-o-y on a reported basis as a result of divestitures, or an increase of 6% on a comparable basis
• Global Commercial NPW of USD 16.8 billion, a decrease of 14% y-o-y, or an increase of 7% on a comparable basis, led by excellent growth in North America Commercial of 9%
• Exceptional new business written in Global Commercial of USD 4.5 billion, growing 9% y-o-y
• Combined ratio was 91.8%; AYCR was 88.2%
• Executed USD 9.7 billion of capital management actions, including USD 6.6 billion of share repurchases, USD 1.0 billion of dividends, USD 1.6 billion of net debt reduction and USD 500 million of preferred stock redemption.

“2024 was an outstanding year of accomplishments for AIG in which we successfully executed multiple complex strategic and operational priorities, delivered outstanding financial results and created exceptional value for our clients and stakeholders. We strengthened the company’s capital structure, improved our financial performance, and achieved a historic milestone with the deconsolidation of Corebridge Financial, which enabled us to organize our business into three distinct operating segments”, commented Peter Zaffino, AIG Chairman & Chief Executive Officer.

Full report can be found here.