Earnings

CEO Peter Zaffino said on Friday that AIG expects to be able to list more of the L&R unit than the 19.9% originally planned, and would fully use its remaining tax credits in 2022.

The InsurTech tempers investors’ expectations about immediate profits and faces challenges in new markets.

The carrier’s combined ratio improved by seven percentage points thanks to reduced loss and acquisition costs.

The insurer had a record quarter for earned premiums, linking the boost to the growth of TypTap, which recorded $39mn in earned premiums.

The Florida insurer’s combined ratio rose to an unprofitable 105.2% on higher weather losses and an increase in ceded premium.

TransRe’s combined ratio was 11.8 points better in Q2, hitting 91.1%.

The specialty insurer records a boost from its recent acquisition as it posts its fourth straight operating profit.

The GI segment combined ratio hit 92.5% off strong underlying margin expansion and a steep decline in catastrophes, as net written premiums climbed by 24%.

Net income grew to $769mn as pre-tax net investment rocketed to $1.4bn and catastrophe claims fell to $660mn from $878mn last year.

The InsurTech’s CEO said on an earnings call the business is focusing on the lifetime value of customers in a hyper growth period.

The California-based carrier reported underwriting income was $13mn, a slight uptick on Q2 2020, resulting in a combined ratio of 76%.

The carrier reported book value per share up 8.3% over the first half of the year.