The AIG board declared a quarterly cash dividend of $0.40 per share on AIG common stock. Credit: EQRoy/Shutterstock.

Insurance major AIG has posted net income attributable to its common shareholders of $459m in Q3 2024, compared with $2.02bn during the same year-ago period.

Net income per diluted share attributable to AIG common shareholders was $0.71, a stark contrast to the $2.81 per share in the prior year’s quarter.

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The company attributed the decline to a reduction in net income from discontinued operations following the deconsolidation of Corebridge.

In Q2 2024, AIG reported an attributable net loss of $3.98bn. 

Q3 also saw a slight decrease in net premiums written, down by 1% to $6.46bn from $6.38bn in the previous year, largely due to the divestiture of Validus Re.

Despite the drop in net premiums written, AIG experienced a 6% increase on a comparable basis, bolstered by a 7% growth in Global Commercial and a 3% growth in Global Personal Insurance.

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The company’s total net investment income rose by 14% to $973m, up from $856m in the prior year quarter.

Catastrophe-related costs for the quarter totalled $417m, with $324m attributed to North American operations, primarily due to windstorms and hailstorms, and $93m to international operations.

AIG returned approximately $1.8bn of capital to shareholders in Q3 through $1.5bn of stock repurchases and $254m in common stock dividends.

The AIG board also declared a quarterly cash dividend of $0.40 per share on AIG common stock.

AIG chairman and CEO Peter Zaffino said: “AIG delivered excellent third quarter financial results with strong profitability and growth across our businesses, highlighting the quality of the underwriting portfolio and our ability to deliver consistent earnings.

“These results demonstrate AIG’s ability to consistently deliver underwriting excellence and capital management discipline and the successful execution of our priorities.”