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AIG Swings To Profit In Q4, Beats Estimates

American International Group, Inc. (AIG) Thursday reported a swing to fourth quarter net profit attributable to AIG common shareholders of $922 million, or $1.03 per share, compared to net loss attributable to AIG common shareholders of $622 million, or $0.70 per share, in the prior-year quarter.

The company said the favorable impact of General Insurance underwriting and
reinsurance actions, favorable net prior year loss reserve development of $153
million, a reduction in pre-tax net catastrophe losses of $385 million compared to the prior-year
quarter, and an increase of $833 million in net investment income helped to record the black from the red.

On an adjusted basis, earnings were $919 million, or $1.03 per share. On average, Analysts polled by Thomson Reuters expected the company to earn $1.00 per share.

For the full year of 2019, net profit attributable to AIG common
shareholders was $3.3 billion, or $3.74 per share, compared to a
net loss attributable of $6 million, or $0.01 per share, in the prior year. Adjusted after-tax income
attributable to AIG common shareholders was $4.1 billion, or $4.59 per
common share, for the full year of 2019.

AIG said it remains committed to achieving a 10 percent Adjusted ROCE
by the end of 2021.

In a separate announcement, AIG's Directors declared a quarterly
cash dividend of $0.32 per share on common stock, par value $2.50 per
share. The dividend will be payable on March 30, 2020 to stockholders on record at
the close of business on March 16, 2020.

The Board also declared a quarterly cash dividend of $365.625 per share on
AIG Series A 5.85 percent Non-Cumulative Perpetual Preferred Stock, with a liquidation
preference of $25,000 per share, holders of depositary shares will receive $0.365625 per depositary
share. The dividend is payable on March 16, 2020 to holders of record at the
close of business on February 28, 2020.

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