March 28, 2024

American International Group (AIG) closed Thursday March 28, 2024 at $78.17. YTD it is up 13.55%, currently trading near its 52 week high. AIG has a Moderate Buy rating of 15 Wall Street Analyst, with an average price target of $79.40.

There hasn’t been specific information regarding AIG’s exposure to claims resulting from the Baltimore Bridge incident. The incident involved the Francis Scott Key Bridge collapsing after being hit by the cargo ship Dali, causing significant disruptions both to shipping operations at the Port of Baltimore and to vehicular traffic. The bridge’s collapse will likely have widespread implications, including for businesses and transportation in the region, given the bridge’s key role in facilitating commercial shipping and vehicular traffic ​​.

While the direct impact on AIG depends on various factors including their underwriting of relevant insurance policies and the extent of claims filed as a result of the incident, no direct statements from AIG regarding their exposure to this specific event have been found in the sources accessed. Insurance companies typically assess such events’ impacts based on their portfolio of policies in affected areas and any specific coverages that might apply to the incident in question.

On Feb 13, 2023 AIG reported strong financial results for both the fourth quarter and the full year of 2023, highlighting excellent underwriting performance and successful execution of various complex initiatives. The company noted a significant increase in adjusted after-tax income per diluted share, up 33% from the previous year to $6.79. General Insurance achieved $2.3 billion of underwriting income in 2023, marking a 15% increase year-over-year. Life & Retirement also showed strong results, with total premiums and deposits exceeding $40 billion for the full year. AIG has made strategic moves, including divestitures and reducing ownership in Corebridge, positioning itself for future visibility and momentum entering 2024 .

Financially, in 2023, AIG’s revenue was $46.80 billion, showing a decrease compared to the previous year, with earnings also experiencing a downturn. Despite these declines, analysts maintain a “Buy” rating on AIG stock, with a 12-month price forecast suggesting a slight decrease from the latest price​​.

Next AIG earnings is expected on May 2, 2024