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Growth in Vastly Improved General Insurance Portfolio with Maintained Expense Discipline
Continued Solid Contribution from Life & Retirement Along with Decisive Separation Progress
- Adjusted Pre-Tax Income increased 11% year-over-year reflecting sales/distribution rebound from pandemic's initial disruption
- 9.9% equity stake sale and $50B assets under management transfer to Blackstone Inc.
- IPO on schedule for 1H'22, subject to regulatory approvals and market conditions
Clear Execution of Stated Capital Management Strategy
- Reduced debt by $4B
- Reached sub-25 leverage ratio target with 24.6% at year-end (from 29.3% at year-end 2018)
- Returned $3.7B to shareholders through $2.6B of common stock repurchases and $1.1B of dividends
* This is a non-GAAP financial measure. The definition and reconciliation of Accident Year Combined Ratio, as adjusted, to the most comparable GAAP measure are on pages 346 and 348 of this Annual Report.