Q1 snap: very disappointing P&C, L&R in line
AIG delivered another disappointing result with adjusted EPS 17% below consensus at $1.04 (vs consensus at $1.26) and arguably this was a 32% miss at a normalised level. Catastrophes were actually in line with our expectations so the real concern was the weakness in the underlying combined ratio. In addition, premium growth was weak in Commercial P&C (down 18% YoY in North America), which management attributed to ongoing remediation actions. Unlike with Q4, the International P&C underlying combined ratio was in line with expectations at 97% but both NA Commercial and NA Personal delivered deteriorating underlying combined ratios (+6pp and +4pp respectively). In our view, the Validus acquisition will add further confusion to this business.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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