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AIG reports higher adjusted earnings YOY in Q2; combined ratio improves

American International Group Inc. posted second-quarter after-tax adjusted income of $1.27 billion, or $1.43 per share, compared with $961 million, or $1.05 per share, the previous year.

Net income was $1.10 billion, or $1.24 per share, versus $937 million, or $1.02 per share, in the prior-year period.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the period was $1.16.

Total general insurance net premiums written was $6.58 billion, compared with $6.98 billion in the 2018 second quarter.

Total insurance company net investment income grew to $3.74 billion from $3.13 billion a year ago.

AIG's general insurance combined ratio improved to 97.8% from 101.3% a year ago. The combined ratio for international commercial lines declined to 96.8% from 104.5% a year earlier. International personal insurance had a combined ratio of 94.5%, nearly unchanged from 94.3% in the 2018 period.

The life insurance segment reported adjusted pretax income of $86 million, down from $175 million a year ago. Net investment income for the life segment grew to $335 million from $282 million the previous year.

AIG reported book value per common share of $73.63 as of June 30, compared with $68.65 at the end of the 2018 second quarter.