55.40 0.00 (0.00%)
After hours: 5:37PM EST
|Bid||55.20 x 900|
|Ask||55.41 x 1000|
|Day's range||55.29 - 56.04|
|52-week range||36.16 - 58.66|
|Beta (3Y monthly)||1.20|
|PE ratio (TTM)||27.53|
|Earnings date||11 Feb 2020 - 17 Feb 2020|
|Forward dividend & yield||1.28 (2.38%)|
|1y target est||60.19|
(Bloomberg) -- A former American International Group Inc. senior trader won his bid for 8.3 million euros ($9.2 million) in bonuses in a dispute at France’s highest court that dates back to the financial crisis a decade ago.The Cour de Cassation in Paris rejected AIG’s arguments that its massive losses in 2008 meant it didn’t have to pay a deferred bonus for the previous year or other incentives. The executive, Amos Benaroch, worked at the French arm of a unit that was linked to many of AIG’s financial problems.The case is one of a handful remaining from the insurance giant’s near collapse during the financial crisis. In London, a group of 23 ex-AIG staff members are claiming $100 million in withheld bonuses in a similar dispute.Marie-Alice Jourde, a lawyer for Benaroch, said she expects Wednesday’s ruling will be shown to London judges by plaintiffs in the U.K. in hopes of influencing that case.Jourde says Benaroch initially hired her only to sue AIG for failing to pay him severance but the case changed scope when they decided to also request the unpaid bonuses.“This took some time but the outcome is in line with principles of French law which foresee that a company can’t make its employees bear its own losses,” Jourde said by phone, adding that Benaroch wasn’t involved in selling subprime products.Benaroch was a managing director at a Paris office of AIG’s Financial Products unit. AIGFP was blamed for almost bringing down the company with money-losing derivative bets backing subprime mortgages.An AIG spokeswoman didn’t respond to requests for comment on the French ruling, which confirms a decision at a lower court that granted the former managing director the bonuses.Benaroch, who was fired in 2010, was awarded 8.3 million euros by the Paris court of appeals in 2018. But the judges also ruled that he had to reimburse the company 1.6 million euros linked to a separate undue payment. Another former managing director at AIG Management France SA, Marc Alperovitch, also won a similar case at the Paris court of appeals in March and was awarded bonuses worth more than 2 million euros.(Adds comment from Benaroch’s lawyer starting in fourth paragraph.)To contact the reporter on this story: Gaspard Sebag in Paris at email@example.comTo contact the editors responsible for this story: Anthony Aarons at firstname.lastname@example.org, Christopher Elser, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Pre-tax income from AIG's life and retirement business fell 9% to $646 million as it booked a $143 million (£110.55 million) charge related to a review of its actuarial assumptions. Excluding the impact from AIG's actuarial review, adjusted pre-tax income at the unit fell 3% because of an increase in the number of insured who died and lower alternative investment returns, the company said. The insurer posted a profit of 56 cents per share on an adjusted basis, well below analysts' expectations of $1 per share, according to IBES data from Refinitiv.
NEW YORK-- -- Net income attributable to AIG common shareholders was $648 million, or $0.72 per diluted common share, for the third quarter of 2019, compared to a net loss attributable to AIG common shareholders of $1.3 billion, or $1.41 per common share, in the prior-year quarter. Adjusted after-tax income attributable to AIG common shareholders* was $505 million, or $0.56 per diluted common share, ...
American International Group, Inc. (AIG) today announced that its Board of Directors declared a quarterly cash dividend of $0.32 per share on AIG Common Stock, par value $2.50 per share. Holders of depositary shares will receive $0.365625 per depositary share. The common stock dividend will result in an adjustment to the exercise price of the outstanding Warrants (CUSIP number 026874156) and an adjustment to the number of shares of AIG Common Stock receivable upon Warrant exercise.
American International's (AIG) Q3 earnings are likely to have benefited from higher premiums partly offset by lower investment income and absence of any share buyback.
(Bloomberg) -- American International Group Inc. shares slumped Tuesday amid a report that the U.S. Securities and Exchange Commission is probing sales practices for retirement products at a unit that handles plans for school districts and universities.The stock fell as much as 2.6% after the Wall Street Journal said the SEC was inquiring about whether incentives at an AIG unit rewarded salespeople for pitching higher-cost products and whether the payments that AIG’s representatives received for selling certain products were properly disclosed. Judy Burns, an SEC spokeswoman, declined to comment.Regulators have sought to clarify conflict-of-interest rules for sales by brokers and advisers of certain products. The SEC announced new rules in June that would require brokers to act in the best interest of clients after an earlier effort by the Department of Labor fell apart. The SEC inquiry into AIG allegedly centers around a unit’s arrangements with school districts and universities.Several high-level executives at the AIG unit were put on administrative leave in recent weeks, the Journal reported. An AIG spokesperson said the company couldn’t comment at this time on any regulatory inquiries or personnel matters.“It is our policy to cooperate fully with all regulatory inquiries and to take steps to ensure compliance with the law and best practices,” the spokesperson said in an emailed statement.AIG stock recovered from earlier declines, and was down 1.3% at $51.86 at 1:35 p.m. in New York.(Updates with AIG comment starting in fourth paragraph)To contact the reporter on this story: Katherine Chiglinsky in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, Dan Reichl, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The inquiry centers on whether incentives in Valic's compensation structure rewarded representatives for selling higher-cost products to retirement plan participants and whether Valic properly discloses the payments its representatives receive on certain product sales, the report said.
Global insurers that cover cyberattacks are facing more claims related to ransom-demanding hackers who cripple businesses’ technology systems, and only stop after receiving substantial payments. It has also been hurting insurers that provide cyber coverage for victims, which are often mid-sized companies desperate to get their systems restored and running quickly. “They’re large enough to be worth extorting but not large enough to have sufficient network protections to defeat the ransomware,” said Brad Gow, global cyber product leader for insurer Sompo International.
American International Group Inc said on Wednesday it is preparing to launch a new business through Lloyd's of London Ltd that will serve U.S. high net worth clients. The business, which will operate as part of the Lloyd's of London global insurance marketplace, will support AIG's Private Client Group and provide additional new coverages to those clients, AIG said. AIG expects the business, dubbed "Syndicate 2019," to generate up to $1 billion in gross premiums to the Lloyd's market, the company said.
American International Group, Inc. (AIG) today announced proposals to launch a new syndicate at Lloyd’s serving the specialist U.S. high net worth market that will start writing business effective January 1, 2020, subject to regulatory approval. This specialist syndicate represents substantial, accretive new business to the Lloyd’s market, writing up to US$1bn in gross written premiums. Syndicate 2019 will be managed by Talbot Underwriting Limited, the managing agency acquired by AIG in 2018, and will underwrite risks in the U.S. high net worth segment, where AIG Private Client Group (“PCG”) is a recognized market leader in the ultra-high net worth segment, with an established strong distribution network and a sophisticated client proposition.
American International Group, Inc. (AIG) will report financial results for the third quarter ended September 30, 2019 before the market opens on Friday, November 1, 2019 and host a conference call that day to review the results at 9:00 a.m. ET. American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions.
Britain's impending departure from the European Union is creating expansion opportunities for specialist general insurers who buy up and manage policies closed to new customers. Whether Britain leaves the European Union without a deal or under a so-called hard Brexit, British insurers selling policies into the EU will need a local subsidiary, and vice versa. British Prime Minister Boris Johnson said on Thursday that Britain and the EU had agreed a new Brexit deal, but he still faces resistance from other parties in parliament.
Progressive's (PGR) third-quarter premiums are likely to have benefited from solid policies in force, higher retention, competitive rates and compelling product portfolio.
American International Group (AIG) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
American International Group, Inc. (AIG) today announced that John Panagakis has been elected as Chief Executive Officer, First Principles Capital Management, LLC (FPCM), the unit of AIG Investments that serves institutional clients with expertise across the global fixed income securities and derivatives markets, effective today.
American International Group (AIG) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
(Bloomberg Opinion) -- Turbulent times should mean good business for insurers as people try to protect themselves against the hazards of an uncertain world. Hong Kong’s summer of unrest has proved anything but happy for shares of AIA Group Ltd., the city’s biggest seller of policies. The company may prove more resilient than investors are giving it credit for.AIA has slumped more than 16% from its July 19 peak, among the worst performers on Hong Kong’s Hang Seng Index in that period. The insurer has the third-highest weighting in the benchmark after HSBC Holdings Plc and Tencent Holdings Ltd., which have both lost less than 9% over the same time frame. AIA’s steepening decline is unusual for a stock that has mostly seen steady gains since it was spun out of American International Group Inc. after the financial crisis in 2010.Blame the Hong Kong protests. Anti-government demonstrations have led to a precipitous fall in mainland Chinese visitors to the semi-autonomous city. These tourists are an important source of business for Hong Kong insurers, whose dollar-based products offer a hedge against the falling yuan and a route outside China’s restrictive capital controls. Chinese tour groups to Hong Kong for the Golden Week holiday starting Oct. 1 are set to plunge 86% from a year earlier, Jinshan Hong and Qian Ye of Bloomberg News reported last week, citing the city’s Travel Industry Council.Policies sold to mainland visitors accounted for 26% of total new premiums received from individuals in the first six months of 2019, according to Hong Kong’s Insurance Authority. While AIA sells insurance across Asia, Hong Kong contributed 40% of its new business value in the first half, Michael Chang of CGS-CIMB Securities Ltd. reckons. Of this, mainland Chinese visitors accounted for 20%, Chang estimates.The physical presence of customers in Hong Kong is important because, unlike most financial assets, the city’s regulators require insurance to be sold face-to-face, at least to new clients. AIA, Prudential Plc and China Taiping Insurance Holdings Co., a state-controlled company based in Shanghai, are among the most reliant on mainland visitors, according to Bloomberg Intelligence analyst Steven Lam.There’s more to AIA’s China exposure than sales made in Hong Kong, though. The company’s new business value in China surged 26% in the first half to account for 29% of AIA’s total. Demand for insurance is surging in the mainland as incomes rise while health and retirement systems remain under-developed.Until recently, AIA had failed to make much headway in a market that’s dominated by state behemoths such as China Life Insurance Co., despite being the only foreign insurer allowed to operate without a partner (thanks to roots that stretch back to 1919, when AIG was founded in Shanghai). That may be starting to change as the government, under pressure from slowing economic growth, opens its financial markets further to overseas companies.This year, the government loosened regulations that restricted AIA to five geographical regions: Beijing, Shanghai, Shenzhen and the provinces of Jiangsu and Guangdong. The insurer has now moved into new provinces and started selling policies in Tianjin municipality and in the city of Shijiazhuang in Hebei province. (German insurer Allianz SE has been given the green light to set up the first wholly foreign-owned insurance holding company in the country.)In any event, the collapse in Chinese visitors to Hong Kong is likely to ease even if the protests continue. Investment-linked insurance products denominated in the Hong Kong dollar – which is pegged to the greenback – offer a perennial hard-currency allure for mainland individuals with few opportunities to diversify at home. Insurers in the city also sell policies denominated in the U.S. dollar itself. AIA’s new business value in Hong Kong jumped 19% in the first half.The slide in AIA stock has taken its price to embedded value to 1.9 times, from a peak of 2.4 times at the end of June. That’s still a premium to rivals such as Ping An Insurance (Group) Co., at 1.3 times, and China Life at 0.5 times, according to data compiled by Bloomberg. Prudential, weighed down by its exposure to the slower-growing U.K. market, trades at 0.7 times embedded value. Still, 19 of 22 analysts tracked by Bloomberg rate AIA stock a buy, with only one sell recommendation.This slump looks to have limits. To contact the author of this story: Nisha Gopalan at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.