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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| American International Group Inc | NYSE:AIG | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.4629 | 0.62% | 75.0929 | 75.025 | 74.24 | 74.43 | 5,027,159 | 23:00:00 |
From Apr 2019 to Apr 2024
A.M. Best has placed under review with negative implications the issuer credit rating (ICR) of American International Group, Inc. (AIG) (New York, NY) (NYSE:AIG) and the financial strength ratings (FSR) and ICRs of its insurance subsidiaries. (Please see link below for a detailed listing of the companies and ratings.)
The under review status reflects the strengthening of loss reserves in AIG’s non-life business by $3.6 billion during the fourth quarter of 2015, primarily reflecting adverse development on prior accident years in longer-tailed lines of business. While the reserve actions are spread across a number of accident years, A.M. Best is concerned that approximately 41% of the strengthening relates to 2011–2013 accident years, for which either favorable or modestly adverse development had been previously reported, and the 2014 accident year. The total amount of the deficiency reported exceeds A.M. Best’s assumptions of loss reserve deficiency, excluding the reversal of statutory discounts of reserves for workers’ compensation.
The under review status also considers the potential impact on the business profile and future earnings capacity of AIG of the strategic actions being taken by management to improve profitability and efficiency and maximize shareholder value.
The ratings will remain under review while A.M. Best reviews the planned actions in greater detail with management, receives and reviews the year-end financial information of AIG and its rated subsidiaries (including review of the impact of the reserve strengthening) and assesses the potential impact of these items on the current ratings.
For a complete listing of AIG and its subsidiaries’ FSRs and ICRs, please visit American International Group, Inc.
This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2016 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160127006423/en/
A.M. BestJacqalene Lentz, 908-439-2200, ext. 5762Senior Financial Analyst – P/Cjacqalene.lentz@ambest.comorWilliam Pargeans, 908-439-2200, ext. 5359Assistant Vice President – L/Hwilliam.pargeans@ambest.comorDavid Drummond, +(44) 20 7397 0327Senior Financial Analystdavid.drummond@ambest.comorChi Yeung Lok, +(65) 6589 8412, ext. 210Senior Financial Analystchi-yeung.lok@ambest.comorChristopher Sharkey, 908-439-2200, ext. 5159Manager, Public Relationschristopher.sharkey@ambest.comorJim Peavy, 908-439-2200, ext. 5644Assistant Vice President, Public Relationsjames.peavy@ambest.com
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