AIG Reports Q2 EPS Beat, Delays its Unit IPO Plans
2022.08.09 01:01
AIG Reports Q2 EPS Beat, Delays its Unit IPO Plans
AIG (NYSE:AIG) reported its Q2 results, with EPS of $1.19 coming in better than the consensus estimate of $1.07.
General Insurance combined ratio of 87.4% improved by 510 basis points from Q2/21, representing the company’s first sub-90% combined ratio in over fifteen years.
According to Peter Zaffino, Chairman & CEO of AIG, the company had another excellent quarter, with General Insurance reporting outstanding results and Life and Retirement again delivering a solid performance considering the significant market headwinds in Q2.
Due to the high degree of equity market volatility in May and June, the company decided to defer the launch of the Corebridge Financial initial public offering (IPO), which, according to Zaffino, provided the company with an opportunity to further accelerate progress on numerous separation initiatives and to solidify the capital structure of this business as a standalone company.
Furthermore, the Board of Directors declared a quarterly cash dividend of $0.32 per share on the company’s common stock, payable on September 30 to stockholders of record at the close of business on September 16. The Board of Directors also declared a quarterly cash dividend of $365.625 per share on the company’s Series A 5.85% Non-Cumulative Perpetual Preferred Stock, payable on September 15 to holders of record at the close of business on August 31.
By Davit Kirakosyan
