American International Group, Inc. (AIG) reported a significant decline in financial performance for the third quarter of 2024 compared to the same period in 2023. Net income attributable to AIG common shareholders was $459 million, marking a 77% decrease from $2.020 billion in Q3 2023. For the nine months ended September 30, 2024, the company experienced a net loss of $(2.302) billion, a stark contrast to the net income of $3.550 billion reported for the same period in 2023.
Total revenues for Q3 2024 were $6.751 billion, reflecting a 7% decline from $7.267 billion in Q3 2023. However, net investment income showed a positive trend, increasing by 14% to $973 million in Q3 2024, up from $856 million in the prior year. For the nine-month period ending September 30, 2024, total net investment income rose 16% to $2.942 billion, compared to $2.537 billion in the same timeframe in 2023.
AIG's balance sheet showed substantial changes, with total assets decreasing significantly to $169.449 billion as of September 30, 2024, down from $539.306 billion at the end of 2023. Total liabilities also saw a reduction, falling to $124.376 billion from $488.005 billion at the end of the previous year. Shareholders' equity stood at $45.039 billion, a slight decrease from $45.351 billion at the end of 2023. Loss reserves increased marginally to $71.066 billion from $70.393 billion at the end of 2023.
In the General Insurance segment, adjusted pre-tax income was reported at $1.210 billion for Q3 2024, down from $1.367 billion in Q3 2023. Net premiums written in this segment experienced a slight decline, totaling $6.380 billion compared to $6.462 billion in the same quarter of the previous year.
About AMERICAN INTERNATIONAL GROUP, INC.
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