{"id":1595272,"date":"2022-08-08T17:54:20","date_gmt":"2022-08-08T21:54:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1595272"},"modified":"2022-08-08T17:54:29","modified_gmt":"2022-08-08T21:54:29","slug":"aig-posts-lower-profit-blames-volatility-for-unit-ipo-delay","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aig-posts-lower-profit-blames-volatility-for-unit-ipo-delay\/","title":{"rendered":"AIG posts lower profit, blames volatility for unit IPO delay"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Faig-posts-lower-profit-blames-volatility-for-unit-ipo-delay%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1595272&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>(Reuters) \u2013     Insurer American International Group Inc on Monday reported a 26% fall in quarterly profit on lower investment income and blamed market volatility for a delay in the initial public offering of its life and retirement unit.<\/p>\n<p>The move underscores how the wild market gyrations sparked by runaway inflation, rising interest rates and the Russia-Ukraine war are forcing companies to rethink their IPO plans.<\/p>\n<p>AIG\u2019s unit \u2013 set to be renamed Corebridge Financial Inc when it goes public \u2013 had filed for its offering in March and planned to complete its listing by the end of June.<\/p>\n<p>\u201cCompleting the IPO is a significant priority for us and we remain ready to execute,\u201d Chief Executive Officer Peter Zaffino said without giving a new deadline for the offering.<\/p>\n<p>AIG \u2013 one of the world\u2019s biggest commercial insurers \u2013 had first announced the move in 2020 and it sold a 9.9% stake in the unit to private equity firm Blackstone Group Inc for $2.2 billion last year.<\/p>\n<p>The uncertain economic outlook has also put an end to the boom in investment income insurers enjoyed last year when the rapid recovery from the COVID-19 crisis boosted market returns.<\/p>\n<p>AIG\u2019s total consolidated net investment income fell 29% in the second quarter ended June to $2.6 billion, hurt in part by weakness in alternative investments such as private equity.<\/p>\n<p>Adjusted after-tax income attributable to the company\u2019s common shareholders fell to $979 million, or $1.19 per share, from $1.3 billion, or $1.52 a year earlier.<\/p>\n<p>AIG said net premiums written in its general insurance business rose 5% on a constant currency basis to $6.9 billion, while underwriting income climbed 73%. <\/p>\n<p>General insurance adjusted pre-tax income jumped 5% to $1.26 billion, boosted by a $336 million increase in underwriting income.<\/p>\n<p> (Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Aditya Soni)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2735575\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/tagreuters.com2022binary_LYNXMPEI770RW-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI770RW-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) \u2013 Insurer American International Group Inc on Monday reported a 26% fall in quarterly profit on lower investment income and blamed market volatility for a delay in the initial<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1595272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1595272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1595272"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1595272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1595272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1595272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1595272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}