American International Group, Inc. (NYSE:AIG) Q4 2019 Earnings Conference Call - Final Transcript
Feb 13, 2020 • 09:00 am ET
Good day and welcome to AIG's Fourth Quarter 2019 Financial Results Conference Call. Today's conference is being recorded.
At this time I would like to turn the conference over to Sabra Purtill Head of Investor Relations. Please go ahead.
Thank you. Good morning and thank you all for joining us. Today's call will cover AIG's fourth quarter and year-end 2019 financial results announced earlier this morning. The news release financial results presentation and financial supplement were posted on our website at www.aig.com and the 10-K for the year will be filed next week.
Our speakers today include Brian Duperreault, CEO; Peter Zaffino, President and Chief Operating Officer of AIG and CEO of General Insurance; Kevin Hogan CEO Life and Retirement; and Mark Lyons CFO. Following their prepared remarks we will have time for Q&A.
I would also like to note that Peter and Mark will be hosting a fireside chat at the Bank of America Insurance Conference today at 12:35 p.m. Eastern Time. The link for the webcast can be found under the Investor Relations section of our website.
Before Brian begins please note that today's remarks may contain forward-looking statements including comments relating to company performance strategic priorities business mix and market conditions these statements are not guarantees of future performance or events and are based on management's current expectations. Actual performance and events may differ materially. Factors that could cause results to differ include the factors described in our first second and third quarter 2019 reports on Form 10-Q our 2018 annual report on Form 10-K and our other recent filings made with the SEC. AIG is not under any obligation and expressly disclaims any obligation to update any forward-looking statements whether as a result of new information future events or otherwise.
Additionally some remarks today may refer to non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures are included in our earnings release financial supplement and presentation all of which are available on our website.
I'll now turn the call over to Brian.
Good morning and thank you for joining us to review our fourth quarter and full year 2019 results. For the fourth quarter adjusted after-tax income was $919 million or $1.03 per common share. For full year 2019 adjusted after-tax income was $4.1 billion or $4.59 per common share and return on common equity and adjusted return on common equity were 5.3% and 8.3% respectively.
These results reflect the significant progress we made over the course of 2019 on the execution of our strategy to position AIG for long-term sustainable and profitable growth. Our focus on fundamentals and the foundational work that we've done since late 2017 is becoming evident on our financial performance with our 2019 results reflecting broad-based improvement across all segments.
I will highlight some of the important milestones we achieved this past year most notable being in those in General Insurance business. GI produced a full year 2019 combined ratio of 99. six and an accident year