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AIG Press Release www.aig.com ● ● FOR IMMEDIATE RELEASE Contacts : Quentin McMillan ( Investors ) : quentin.mcmillan@aig.com Claire Talcott ( Media ) : claire.talcott@aig.com Separation of the Life and Retirement business from AIG continued , with the sale of a 9.9 % equity stake for $ 2.2 billion in cash recently completed and an IPO on track for 2022 Net income per diluted common share was $ 1.92 compared to $ 0.32 in the prior year quarter and adjusted after - tax income attributable to AIG common shareholders * ( AATI ) per diluted common share of $ 0.97 increased 20 % from $ 0.81 Repurchased $ 1.1 billion of AIG common stock and redeemed $ 1.5 billion of debt THIRD QUARTER NOTEWORTHY ITEMS General Insurance adjusted pre - tax income ( APTI ) of $ 811 million reflects strong underwriting results ; the combined ratio was 99.7 , a 7.5 point improvement from the prior year quarter primarily due to strong underwriting results across the portfolio , including lower CATS . 1 AIG Reports Third Quarter 2021 Financial Results General Insurance net premiums written grew 11 % driven by Commercial Lines growth of 17 % The General Insurance combined ratio improved by 7.5 points to 99.7 % from the prior year due to strong underwriting results , including lower catastrophe losses , net of reinsurance ( CATS ) and reinstatement premiums ; and , on an as adjusted * basis , improved by 2.8 points to 90.5 % Life and Retirement APTI of $ 877 million reflects higher net investment income and fee income , offset by impacts from the annual actuarial assumption update and unfavorable mortality ; Life and Retirement return on adjusted segment common equity * for the third quarter was 12.2 % , on an annualized basis . Net income attributable to AIG common shareholders was $ 1.7 billion , or $ 1.92 per diluted common share , compared to net income of $ 281 million , or $ 0.32 per diluted common share , in the prior year quarter . Adjusted after - tax income attributable to AIG common shareholders was $ 837 million , or $ 0.97 per diluted common share , compared to $ 708 million , or $ 0.81 per diluted common share , in the prior year quarter due to strong operating performance in General Insurance . As of September 30 , 2021 , book value per common share was $ 77.03 , an increase of 1 % from December 31 , 2020. Adjusted book value per common share * was $ 61.80 , an increase of 8 % from December 31 , 2020. Adjusted tangible book value per share * was $ 55.89 , an increase of 9 % from December 31 , 2020 . Return on common equity ( ROCE ) and Adjusted ROCE * were 10.2 % and 6.5 % , respectively , on an annualized basis for the third quarter of 2021 . * 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 .