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AIG Press Release www.aig.com ● ● ● SECOND QUARTER NOTEWORTHY ITEMS General Insurance adjusted pre - tax income ( APTI ) of $ 1.2 billion reflects improved underwriting results and higher net investment income ; the combined ratio was 92.5 , a 13.5 point improvement from the prior year quarter primarily due to lower catastrophe losses , net of reinsurance and reinstatement premiums . ● FOR IMMEDIATE RELEASE Contacts : Quentin McMillan ( Investors ) : quentin.mcmillan@aig.com Claire Talcott ( Media ) : claire.talcott@aig.com AIG Reports Second Quarter 2021 Financial Results General Insurance net premiums written grew 24 % with Commercial Lines and Personal Insurance growth of 16 % and 45 % , respectively , from the prior year quarter Net income per diluted share of $ 0.11 compared to a loss of $ 9.15 in the prior year quarter and adjusted after - tax income attributable to AIG common shareholders * ( AATI ) per diluted share of $ 1.52 increased from $ 0.64 in the prior year quarter 1 On July 14 , 2021 AIG entered into a strategic partnership whereby Blackstone agreed to purchase a 9.9 % equity stake in AIG's Life and Retirement Business for $ 2.2 billion in cash , manage specified Life and Retirement assets in the future , and separately purchase affordable housing assets for $ 5.1 billion in cash AIG Board of Directors increased the share repurchase authorization to $ 6.0 billion , including approximately $ 0.9 billion that remained under the prior authorization The General Insurance accident year combined ratio , as adjusted * , was 91.1 , a 3.8 point improvement from the prior year quarter due to improved North America and International Commercial Lines underwriting results . Life and Retirement APTI was $ 1.1 billion reflecting strong net investment income and improved market conditions ; Life and Retirement return on adjusted segment common equity * for the second quarter was 16.4 % , on an annualized basis . Net income attributable to AIG common shareholders was $ 91 million , or $ 0.11 per diluted common share , compared to a net loss of $ 7.9 billion , or $ 9.15 per common share , in the prior year quarter , which included the loss on sale of Fortitude Group Holdings LLC ( Fortitude ) . The primary difference between GAAP and adjusted after - tax income is the accounting treatment of Fortitude net investment income and certain realized gains / losses . AATI was $ 1.3 billion , or $ 1.52 per diluted common share , compared to $ 561 million , or $ 0.64 per diluted common share , in the prior year quarter . As of June 30 , 2021 , book value per common share was $ 76.73 , an increase of 0.4 % from December 31 , 2020. Adjusted book value per common share * was $ 60.07 , an increase of 5.4 % from December 31 , 2020. Adjusted tangible book value per share * was $ 54.24 , an increase of 6.0 % from December 31 , 2020 . Return on common equity ( ROCE ) and Adjusted ROCE * were 0.6 % and 10.5 % , respectively , on an annualized basis for the second quarter of 2021 . ● On July 14 , 2021 AIG announced a strategic partnership with The Blackstone Group ( Blackstone ) whereby Blackstone agreed to purchase a 9.9 % equity stake in AIG's Life and Retirement business for $ 2.2 billion in cash , entered into a strategic asset management relationship to manage certain specified Life and Retirement general account assets in the future and agreed to acquire AIG's interests in a U.S. affordable housing portfolio for approximately $ 5.1 billion in cash . * Refers to financial measure not calculated in accordance with generally accepted accounting principles ( non - GAAP ) ; definitions of non - GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non - GAAP Financial Measures .