Model update: remain Neutral
We are updating our AIG model to reflect Q2 results, revenue trends and expense comments from management. As a result, our FY18 EPS forecast decreases by 5.9% as the effects of the weak Q2 result and higher combined ratio are only partially offset by stronger premium growth expectations for Q3 and Q4. Our FY19 EPS and FY20 EPS forecasts decrease by 6.6% and 6.2% respectively as we expect that these trends will continue. Our price target remains at $60 and we retain our Neutral recommendation.American International Group is a holding company. Through its subsidiaries, the company provides a range of property casualty insurance, life insurance, retirement solutions, and other financial services. The company's businesses include General Insurance, which provides insurance products and services for commercial and personal insurance customers; Life and Retirement, which brings together a portfolio of life insurance, retirement and institutional products provided through a multichannel distribution network; and Other Operations, which include Blackboard U.S. Holdings, Inc., a subsidiary focused on delivering commercial insurance solutions using digital technology, data analytics and automation.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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