AIG - American International Group, Inc.
| Previous Close | 45.70 |
| Open | 45.85 |
| Bid | 45.60 x 1100 |
| Ask | 45.61 x 900 |
| Day's Range | 45.56 - 46.34 |
| 52 Week Range | 41.11 - 58.66 |
| Volume | 5,163,135 |
| Avg. Volume | 4,668,308 |
| Market Cap | 40.055B |
| Beta (5Y Monthly) | 1.07 |
| PE Ratio (TTM) | 12.25 |
| EPS (TTM) | 3.74 |
| Earnings Date | May 03, 2020 - May 07, 2020 |
| Forward Dividend & Yield | 1.28 (2.80%) |
| Ex-Dividend Date | Mar 12, 2020 |
| 1y Target Est | 58.38 |
- TheStreet.com
American International Group Could Sink Lower in the Weeks Ahead
American International Group has come under selling pressure since the middle of September. The decline has accelerated in recent weeks and our technical studies have weakened further. In this daily bar chart of AIG, below, we can see that prices were rolling over and topping out from May. There was a brief upside spike earlier this month but prices quickly sank to new lows.
- Bloomberg
Boeing’s Board Needs Overhaul, Not Rejiggering
(Bloomberg Opinion) -- When Boeing Co. CEO David Calhoun was asked last month how he would fix the 737 Max crisis as a long-time insider, he bristled at the label, telling reporters, “I watched the same movie you did.” Calhoun, of course, was hardly just an observer, or shouldn’t have been: He has been a director at the company since 2009. A pair of board changes announced on Monday should be viewed in that context. The rejiggering is fine, but ultimately just a Band-Aid over the bigger question of the board’s accountability for one of the ugliest period’s in the company’s history.Boeing directors Edward Liddy – the former CEO of Allstate Corp. and an interim leader at American International Group Inc. during the financial crisis — and Michael Zafirovski, a former General Electric Co. executive and an adviser to Blackstone Group Inc., will step down. Zafirovski was Boeing’s longest-serving director at more than 15 years, while Liddy has been on the board since 2010 following an earlier stint that was disrupted by his appointment at AIG. Neither had direct experience in commercial-aerospace development. They will be replaced by Qualcomm Inc. CEO Steve Mollenkopf and former United Technologies Corp. CFO Akhil Johri. Mollenkopf’s engineering degree fits with Boeing’s pledge to staff its board with that kind of expertise amid criticism that it lost sight of technical priorities in the pursuit of ever-higher profits. Johri brings the perspective of someone who’s been on the other side of Boeing’s aggressive stance toward its suppliers and could be an asset in healing those relationships.Cleaving off long-serving directors and those with less helpful expertise is a good and necessary move. But that’s an odd juxtaposition to Calhoun himself, who is now the second-longest serving director and whose background in private equity and as a GE executive under Jack Welch at least on the surface seems anathema to the cultural changes that are needed at Boeing.(1) Among the legacy directors that remain, the median tenure is nine years. Point being, more needs to be done. Shareholders will have an opportunity to lodge symbolic protest votes against the current slate at Boeing’s annual meeting, which is likely to take place in April. But there’s something to be said for a more proactive, deep overhaul, much like what took place at GE.On the bright side, Boeing seems to have finally woken up to the terrible optics of the special $7 million bonus for Calhoun tied to the safe return of the 737 Max. In a filing on Monday, Boeing spelled out additional milestones that Calhoun must hit by 2023 in order to receive the payout. These include stabilizing the KC-46 military tanker program that’s struggled with production setbacks, and successfully guiding the 777X into service after the widebody jet’s first flight was delayed by teething issues with the engine. Calhoun also must follow through on Boeing’s commitments for building a bigger services business and finally close the company’s joint venture with regional-jet maker Embraer SA, which is being held up by a regulatory review from the European Union. On top of that, Boeing’s Starliner spacecraft needs to successfully complete a manned flight after an uncrewed mission in December was aborted amid what NASA has called “critical software defects.” And lastly, Calhoun must “strengthen engineering” at the company.It’s still not clear why Calhoun needs a special bonus on top of a salary and a regular bonus to incentivize him do his job. But that lengthy list of priorities and tasks is a testament to just how deep the problems run at Boeing. Whether a guy who’s been on the board for a decade can deliver on all of these goals in a way that redefines the company’s ethos and culture remains to be seen. (1) In somewhat of an interesting twist, Mollenkopf spent about a year and a half on the board of GE. He was appointed in 2016 under Jeff Immelt, but stepped down in 2018 as Immelt's successor John Flannery rejiggered the board and as Mollenkopf's company fended off a hostile takeover approach from Broadcom Inc.To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- MarketWatch
AIG announces $500 million accelerated share buyback
American International Group Inc. said Tuesday it has entered a $500 million accelerated share buyback program with Citibank. The program is part of the bank's $2 billion repurchase authorization. Shares were not yet active premarket, but have gained 4% in the last 12 months, while the S&P 500 has gained 15%.
- Business Wire
AIG Announces $500 Million Accelerated Share Repurchase
American International Group, Inc. (NYSE: AIG) today announced it has entered into an accelerated share repurchase ("ASR") agreement with Citibank, N.A. to repurchase $500 million of AIG’s common stock. The ASR is part of AIG’s existing share repurchase authorization of $2 billion previously announced on February 13, 2019.
- GuruFocus.com
Berkshire Hathaway: Steady as She Goes
A look at Berkshire's 2019 financial results Continue reading...
- MarketWatch
Fed staffers say life insurers have leveraged up and are vulnerable to risks from the corporate sector
A new research paper from Federal Reserve staffers finds U.S. life insurers have taken on the risks in private debt largely ceded by banks after the 2008 financial crisis.
- Thomson Reuters StreetEvents
Edited Transcript of AIG earnings conference call or presentation 13-Feb-20 2:00pm GMT
Q4 2019 American International Group Inc Earnings Call
- Reuters
US STOCKS-Wall Street slips as coronavirus fears mount
Technology shares led all three major U.S. stock averages lower, with the blue-chip Dow suffering the largest percentage loss. Hopes that the coronavirus epidemic could be on the wane were soured by a spike in fatalities, with an additional 242 bringing China's coronavirus death toll to 1,367. "On a day like today investors just have to take it in stride," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.
- Business Wire
AIG to Redeem 4.35% Callable Notes Due 2045
American International Group, Inc. (NYSE: AIG) today announced that it will redeem all of its outstanding 4.35% Callable Notes Due 2045 (ISIN No. XS1201950851) (the "Notes") on March 20, 2020 (the "Redemption Date"). On the Redemption Date, AIG will pay to the registered holders of the Notes a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. As of February 13, 2020, $350,000,000 aggregate principal amount of the Notes were outstanding.
ReutersUS STOCKS-S&P 500, Nasdaq turn positive amid mixed coronavirus news
The S&P 500 reversed its losses on Thursday as investors weighed mixed news on the coronavirus and a spate of corporate earnings. While a drop in Cisco Systems Inc shares helped keep the blue-chip Dow in the red, the S&P 500 and the Nasdaq rebounded and were both on track to eke out their fourth consecutive record closing highs.
- Reuters
AIG profit beats on stronger underwriting in general insurance unit
AIG, one of the largest insurers in the United States, posted an underwriting income of $12 million in its general insurance business for the quarter, compared with a loss of $1.07 billion, a year earlier. Net pre-tax catastrophe loss at the general insurance unit narrowed to $411 million from $826 million, a year earlier. Chief Executive Officer Brian Duperreault, who joined the insurer in 2017, has been overhauling the underwriting culture at AIG's general insurance business through initiatives including raising rates and shedding unprofitable lines.
- Zacks
American International (AIG) Q4 Earnings Beat Estimates
American International (AIG) Q4 earnings gain from decline in expenses and the effect of share buyback.
- MarketWatch
AIG swings to a profit that beats expectations
American International Group Inc. swung to a fourth-quarter profit that beat expectations, citing the favorable impact of general insurance underwriting and reinsurance actions and a favorable loss reserve development. The stock slipped 0.2% in premarket trading. Net income was $922 million, or $1.03 a share, after a loss of $622 million, or 70 cents a share, in the year-ago period. On an adjusted basis, earnings per share were $1.03 after a per-share loss of 63 cents last year, beating the FactSet consensus of $1.00. Total consolidated net investment income rose to $3.6 billion from $2.8 billion, reflecting higher alternative investment returns. In general insurance, net premiums written fell 9% to $5.83 billion, including a 4% decline in North American and a 13% decline in international. The stock was down 0.8% over the past three months through Wednesday, while the S&P 500 has gained 9.2%.
- Business Wire
AIG Board of Directors Declares Common Stock Dividend and Series A Preferred Stock Dividend
American International Group, Inc. (NYSE: 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. The dividend is payable on March 30, 2020 to stockholders of record at the close of business on March 16, 2020.
- Business Wire
AIG Reports Fourth Quarter and Full Year 2019 Results
American International Group, Inc. (NYSE: AIG) today reported net income attributable to AIG common shareholders of $922 million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared to a net loss attributable to AIG common shareholders of $622 million, or $0.70 per common share, in the prior-year quarter. The improvement was primarily due to the favorable impact of General Insurance underwriting and reinsurance actions, favorable net prior year loss reserve development of $153 million (pre-tax) compared to unfavorable net prior year loss reserve development of $365 million (pre-tax) in the prior-year quarter, a reduction in pre-tax net catastrophe losses of $385 million compared to the prior-year quarter, and an increase of $833 million (pre-tax) in net investment income compared to the prior-year quarter. Adjusted after-tax income attributable to AIG common shareholders was $919 million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared to an adjusted after-tax loss attributable to AIG common shareholders of $559 million, or $0.63 per common share, in the prior-year quarter. The improvement was primarily due to the favorable impact of General Insurance underwriting and reinsurance actions, lower catastrophe losses and an increase in net investment income compared to the prior-year quarter.
- Financial Times
AIG’s outlook and revamped cost-saving plan fail to impress
Investors were unimpressed with AIG’s outlook for 2020 and a new savings target for its cost-saving programme, and sending shares in the US insurer down by 3.6 per cent in mid-day trading after the company reported fourth-quarter earnings.
- Reuters
Insurance comparison firm SelectQuote taps banks for IPO -sources
SelectQuote has hired investment banks for an initial public offering (IPO) that could value the owner of the eponymous insurance policy comparison website at more than $2 billion, including debt, according to people familiar with the matter. SelectQuote is working with banks that include Morgan Stanley and Credit Suisse Group AG on an IPO that could come in the first half of this year, subject to market conditions, according to the sources, who spoke on condition of anonymity because the information is not public.
- Reuters
Can a 'numbers guy' with insurance DNA finally fix AIG?
Peter Zaffino sat at 2 World Trade Center poring over financial reports on the morning of Sept. 11, 2001, when the first plane struck a neighboring building. Zaffino, known by colleagues for his laser-like focus, remained at his desk as staff began fleeing. It was not until a fire warden pleaded with Zaffino – who was then an executive at reinsurance brokerage Guy Carpenter – that he finally left, a person familiar with the situation said.
- Zacks
Why Earnings Season Could Be Great for American International (AIG)
American International (AIG) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
- Zacks
What Awaits American International (AIG) in Q4 Earnings?
American International's (AIG) Q4 results are likely to reflect growth at its General Insurance and Life and Retirement segments partly offset by catastrophe losses.
- Zacks
Intercontinental Exchange (ICE) Q4 Earnings Meet, Rise Y/Y
Intercontinental Exchange's (ICE) fourth-quarter earnings are hit by lower revenues.
- Zacks
What's in the Cards for Loews (L) This Earnings Season?
Loews (L) Q4 earnings are likely to have gained from better performance at CNA Financial, Loews Hotels and Boardwalk Pipeline.
- Zacks
Everest Re (RE) to Report Q4 Earnings: What's in the Cards?
Everest Re (RE) Q4 performance is likely to have benefited from pricing gains in Insurance and Reinsurance lines of business.
