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Text: 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 factors described in our third quarter 2021 report on Form 10-Q, our 2020 annual report on Form 10-K and other recent filings made with the SEC.
Additionally, some remarks may refer to non-GAAP financial measures.
I'm pleased to report that AIG had another outstanding quarter as we continue to build momentum and execute on our strategic priorities.
We continue to drive underwriting excellence across our portfolio.
We're executing on AIG 200 to instill operational excellence in everything we do.
We are continuing to work on the separation of life and retirement from AIG.
And we're demonstrating an ongoing commitment to thoughtful capital management.
I will start my remarks with an overview of our consolidated financial results for the third quarter.
I will then review our results for general insurance, where we continue to demonstrate market leadership in solving risk issues for clients while delivering improved underwriting profitability and more consistent results.
I'll also comment on certain market dynamics, particularly in the property market, as well as recent CAT activity and related reinsurance considerations as we approach year-end.
Next, I'll review results from our life and retirement business, which we continue to prepare to be a stand-alone company.
I will also provide an update on the considerable progress we're making on the operational separation of life and retirement from AIG and our strong execution of AIG 200.
I will then review capital management, where our near-term priorities remain unchanged from those I have outlined in the past: debt reduction, return of capital to shareholders, investment in our business through organic growth and operational improvements.
Finally, I will conclude with our recently announced senior executive changes that further position AIG for the long term.
These appointments were possible due to the strong bench of internal talent and significantly augment the leadership team across our company.
Starting with our consolidated results.
As I said, AIG had another outstanding quarter, continuing the terrific trends we've experienced throughout 2021.
Against the backdrop of a very active CAT season and the persistent and ongoing global pandemic, our global team of colleagues continue to perform at an incredibly high level, delivering value to our clients, policyholders and distribution partners.
Adjusted after-tax income in the third quarter was $0.97 per diluted share compared to $0.81 in the prior-year quarter.
This result was driven by significant improvement in profitability in general insurance, very good results in life and retirement, continued expense discipline and savings from AIG 200 and executing on our capital management strategy.
In general insurance, global commercial drove strong top line growth.
And we were especially pleased with our adjusted accident year combined ratio, which improved 280 basis points year over year to 90.5%.
These excellent results in general insurance validate the strategy we've been executing on to vastly improve the quality of our portfolio and build a top-performing culture of disciplined underwriting.
One data point that I believe demonstrates the incredible progress we have made is our accident year combined ratio for the first nine months of 2021, which was 97.7%.
This represents a 770-basis-point improvement year over year, with 600 of that improvement coming from the loss ratio and 170 from the expense ratio.
In life and retirement, we again had solid results primarily driven by improved investment performance and increased call and tender income.
This business delivered a return on adjusted segment common equity of 12.2% for the third quarter and 14.3% for the first nine months of the year.
And we recently achieved an important milestone in the separation process by closing the sale of a 9.9% equity stake in life and retirement to Blackstone for $2.2 billion in cash.
We continue to prepare the business for an IPO in 2022 and we'll begin moving certain assets under management to Blackstone.
We ended the third quarter with $5.3 billion in parent liquidity after redeeming $1.5 billion in debt outstanding and completing $1.1 billion in share repurchases.
Year-to-date, we have reduced financial debt outstanding by $3.4 billion and have returned $2.5 billion to shareholders through share repurchases and dividends.
We expect to redeem or repurchase an additional $1 billion of debt in the fourth quarter and to repurchase a minimum of $900 million of common stock through year-end to complete the $2 billion of stock repurchase we announced on our last call.
Through these actions, we've made clear our continuing commitment to remain active and thoughtful about capital management.
Now, let me provide more detail on our business results in the third quarter.
I will start with general insurance, where, as I mentioned earlier, growth in net premiums written continued to be very strong and we achieved our 13th consecutive quarter of improvement in the adjusted accident year combined ratio.
Adjusting for foreign exchange, net premiums written increased 10% year over year to $6.6 billion.
This growth was driven by global commercial, which increased 15%, with personal insurance flat for the quarter.
Growth in commercial was balanced between North America and International, with North America increasing 18% and International increasing 12%.
Growth in North America commercial was driven by excess casualty, which increased over 50%; Lexington Wholesale, which continued to show leadership in the E&S market and grew Property and Casualty by over 30%; financial lines, which increased over 20%; and Crop Risk Services, which grew more than 50% driven by increased commodity prices.
In international commercial, financial lines grew 25%, Talbot had over 15% growth and Liability had over 10% growth.
In addition, gross new business in global commercial grew 40% year over year to over $1 billion.
In North America, new business growth was more than 50% and in International, it was more than 25%.
North America new business was strongest in Lexington, financial lines and retail property.
International new business came mostly from financial lines and our specialty businesses.
We also had very strong retention in our in-force portfolio, with North America improving retention by 200 basis points and International improving retention by 700 basis points.
Strong momentum continued with overall global commercial rate increases of 12%.
In many cases, this is the third year where we have achieved double-digit rate increases in our portfolio.
North America commercial's overall 11% rate increases were balanced across the portfolio and led by excess casualty, which increased over 15%.
Financial lines, which also increased over 15% and Canada, where rates increased by 17%, representing the 10th consecutive quarter of double-digit rate increases.
International commercial rate increases were 13% driven by EMEA, excluding specialty, which increased by 22%.
U.K., excluding specialty, which increased 21%.
Financial lines, which increased 24% and Energy, which was up 14%, its 11th consecutive quarter of double-digit rate increases.
Turning to global personal insurance.
We had a solid quarter that reflected a modest rebound in net premiums written in travel and warranty, offset by results in the private client group due to reinsurance cessions related to Syndicate 2019 and non-renewals in peak zones.
Shifting to underwriting profitability.
As I noted earlier, general insurance's accident year combined ratio ex CAT was 90.5%.
The third quarter saw a 150-basis-point improvement in the accident year loss ratio ex CAT and a 130-basis-point improvement in the expense ratio, all of which came from the GOE ratio.
These results were driven by our improved portfolio mix, achieving rate in excess of loss cost trends, continued expense discipline and benefits from AIG 200.
Global commercial achieved an impressive accident year combined ratio ex CATs of 88.9%, an improvement of 290 basis points year over year and the second consecutive quarter with a sub-90% combined ratio result.
The accident year combined ratio ex CAT for North America commercial and international commercial were 90.5% and 86.8%, respectively, an improvement of 370 basis points and 210 basis points.
In global personal insurance, the accident year combined ratio ex CATs was 94.2%, an improvement of 220 basis points year over year driven by improvement in the expense ratio.
Given the significant progress we have made to improve our combined ratios and our view that the momentum we have will continue for the foreseeable future, we now expect to achieve a sub-90% accident year combined ratio ex CAT for full year 2022.
After three years of significant underwriting margin improvement, we believe that the sub-90% accident year combined ratio ex CAT is something that not only will be achieved for full year 2022, but that there will continue to be runway for further improvement in future years.
As I said earlier, the third quarter was very active, with current industry estimates ranging between $45 billion and $55 billion globally.
We reported approximately $625 million of net global CAT losses with approximately $530 million in commercial.
The largest impacts were from Hurricane Ida and flooding in Europe, where we saw net CAT losses of approximately $400 million and $190 million, respectively.
We have put significant management focus into our reinsurance program, which continues to perform exceptionally well to reduce volatility, including strategic purchases for wind that we made in the second quarter.
Reinsurance recoveries in our International per occurrence, private client group per occurrence and other discrete reinsurance programs also reduced volatility in the third quarter.
We expect any fourth quarter CAT losses to be limited given that we are close to attaching on our North America aggregate cover and our aggregate cover for rest of the world, excluding Japan.
We have each and every loss deductibles of $75 million for North America wind, $50 million for North America earthquake and $25 million for all other North America perils and $20 million for international.
Our worldwide retention has approximately $175 million remaining before attaching in the aggregate, which would essentially be for Japan CAT.
Since 2012 and excluding COVID, there have been 10 CATs with losses exceeding $10 billion.
And nine of those 10 occurred in 2017 through the third quarter of this year.
Average CAT losses over the last five years have been $114 billion, up 30% from the 10-year average and up 40% from the 15-year average.
And through 2021, catastrophe losses exceed $100 billion and we're already at $90 billion through the third quarter.
This will be the fourth year in the last five years in which natural catastrophes have exceeded this threshold.
I'll make three observations.
First, while CAT models tended to trend acceptable over the last 20 years, that has not been the case over the last five years.
Second, over the last five years, on average, models have been 20% to 30% below the expected value at the lower return periods.
If you add in wildfire, those numbers dramatically increase.
Third, industry losses compared to model losses at the low end of the curve have been deficient and need rate adjustments to reflect the significant increase in frequency in CATs.
To address these issues, at AIG, we've invested heavily in our CAT research team to develop our own view of risk in this new environment.
wind, storm surge, flood as well as numerous other perils in international.
We will continue to leverage new scientific studies, improvements in vendor model work and our own claims data to calibrate our views on risk over time to ensure we're appropriately pricing CAT risks.
Across our portfolio, our strategy and primary focus has been and will continue to be to deliver risk solutions that meet our clients' needs while aligning within our risk appetite, which takes into consideration terms and conditions, strategic deployment of limits and a recognition of increased frequency and severity.
The significant focus that we've been applying to the critical work we've been doing is showing through in our financial results as you've seen over the course of 2021 with improving combined ratios, both including and excluding CATs.
Now, turning to life and retirement.
Earnings continue to be strong and in the third quarter were supported by stable equity markets, modestly improving interest rates relative to the second quarter and significant call and tender income.
Adjusted pre-tax income in the third quarter was approximately $875 million.
Individual retirement, excluding retail mutual funds, which we sold in the third quarter, maintained its upward trajectory with 27% growth in sales year over year.
Our largest retail product, Index Annuity, was up 50% compared to the prior-year quarter.
Group retirement collectively grew deposits 3% with new group acquisitions ahead of prior year but below a robust second quarter.
Kevin and his team continued to actively manage the impacts from a low interest rate and tighter credit spreads environment and their earlier provided range for expected annual spread compression has not changed as base investment spreads for the third quarter were within the annual 8 to 6 points guidance.
With respect to the operational separation of life and retirement, we continue to make considerable progress on a number of fronts.
Our goal is to deliver a clean separation with minimal business disruption and emphasis on speed execution, operational efficiency and thoughtful talent allocation.
We have many work streams in execution mode, including designing a target operating model that will position life and retirement to be a successful stand-alone public company, separating IT systems, data centers, software applications, real estate and material vendor contracts and determining where transition services will be required and minimizing their duration with clear exit plans.
We continue to expect an IPO to occur in the first quarter of 2022 or potentially in the second quarter, subject to regulatory approvals and market conditions.
As I mentioned on our last call, due to the sale of our affordable housing portfolio and the execution of certain tax strategies, we are no longer constrained in terms of how much of life and retirement we can sell on an IPO.
Having said that, we currently expect to retain a greater than 50% interest immediately following the IPO and to continue to consolidate life and retirement's financial statements until such time as we fall below the 50% ownership threshold.
As we plan for the full separation of life and retirement, the timing of further secondary offerings will be based on market conditions and other relevant factors over time.
With respect to AIG 200, we continue to advance this program and remain on track to deliver $1 billion in run rate savings across the company by the end of 2022 against a cost to achieve of $1.3 billion.
$660 million of run rate savings are already executed or contracted, with approximately $400 million recognized to date in our income statement.
As with the underwriting turnaround, which created a culture of underwriting excellence, AIG 200 is creating a culture of operational excellence that is becoming the way we work across AIG.
Before turning the call over to Mark, I'd like to take a moment to discuss the senior leadership changes we announced last week.
Having made significant progress during the first nine months of 2021 across our strategic priorities and in light of the momentum we have heading toward the end of the year, this was an ideal time to make these appointments.
I'll start with Mark, who will step into a newly created role, global Chief Actuary and Head of Portfolio Management for AIG on January 1.
As you all know, over the last three years, Mark has played a critical role in the repositioning of AIG.
He originally joined AIG in 2018 as our chief actuary.
And this new role will get him back into the core of our business, driving portfolio improvement, growth and prudent decision-making by providing guidance on important performance metrics within our risk appetite and evolving our reinsurance program.
Shane Fitzsimons will take over for Mark as chief financial officer on January 1.
Shane joined AIG in 2019 and his strong leadership helped accelerate aspects of AIG 200 and instill discipline and rigor around our finance transformation, strategic planning, budgeting and forecasting processes.
He has a strong financial and accounting background having worked at GE for over 20 years in many senior finance roles, including as Head of FP&A and chief financial officer of GE's international operations.
Shane has already begun working with Mark on a transition plan and we've shifted his AIG 200 and shared services responsibility to other senior leaders.
We also announced that Elias Habayeb has been named chief financial officer of life and retirement.
Elias has been with AIG for over 15 years and was most recently our Deputy CFO and Principal Accounting Officer for AIG as well as the CFO for general insurance.
Elias has deep expertise about AIG.
And his transition to life and retirement will be seamless as he is well known to that management team, the investments team that is now part of life and retirement, our regulators, rating agencies and many other stakeholders.
Overall, I am very pleased with our team, our third quarter results and the tremendous progress we're making on many fronts across AIG.
I am extremely pleased with the strong adjusted earnings this quarter of $0.97 per share and our profitable general insurance calendar quarter combined ratio, which includes CATs, of 99.7%.
The year over year adjusted earnings per share improvement was driven by a 750-basis-point reduction in the general insurance calendar quarter combined ratio, strong growth in net premiums written and earned and a related 280-basis-point decrease in the underlying accident year combined ratio ex CAT.
life and retirement also produced strong APTI of $877 million, along with a healthy adjusted ROE of 12.2%.
The quarter's strong operating earnings and consistent investment performance helped increase adjusted book value per share by 3% sequentially and nearly 9% compared to one year ago.
The strength of our balance sheet and strong liquidity position were highlights in the period as we made continued progress on our leverage goals with a GAAP debt leverage reduction of 90 basis points sequentially and 350 basis points from one year ago today to 26.1%, generated through retained earnings and liability management actions.
Shifting to general insurance.
Due to our achieved profitable growth to date, together with demonstrable volatility reduction and smart cycle management, makes us even more confident in achieving our stated goal of a sub-90% accident year combined ratio ex CAT for full year 2022 rather than just exiting 2022.
Shifting now to current conditions.
The markets in which we operate persist in strength and show resiliency.
AIG's global platform continues to see rate strengthening internationally, which adds to our overall uplift unlike more U.S.-centric competitors.
As you recall, international commercial rate increases lagged those in North America initially.
But beginning in 2021, as noted by Peter in his remarks, International is now producing rate increases that surpass those strong rates still being achieved in North America and in some areas, meaningfully so.
These rate increases continue to outstrip loss cost trends on a global basis across a broadband of assumptions and are additive toward additional margin expansion.
In fact, for a more extensive view, within North America over the three year period, 2019 through 2021, product lines that achieved cumulative rate increases near or above 100% are found within excess casualty, both admitted and non-admitted.
Property lines, both admitted and non-admitted and financial lines.
We believe these levels of tailwind will continue driving earned margin expansion into the foreseeable future.
In the current inflationary environment, it's important to remember that products with inflation-sensitive exposure bases, such as sales, receipts and payroll, act as an inflation mitigant and furthermore are subject to additional audit premiums as the economy recovers.
Last quarter, we provided commentary about U.S. portfolio loss cost trends of 4% to 5% and in some aspects were viewed as being near term.
We believe that this range still holds but now gravitates toward the upper end given another quarter of data.
And in fact, our U.S. loss cost trends range from approximately three and a half percent to 10%, depending on the line of business.
From a pricing perspective, we feel that we are integrating these near-term inflationary impact into our rating and portfolio tools.
And we are not lowering any line of business loss cost trends since lighter claims reporting may be misconstrued as a false positive due to COVID-19 societal impacts.
It's also worth noting that all of our North America commercial Lines loss cost trends, with the exception of workers' compensation, are materially lower than the corresponding rate increases we are seeing.
This discussion around compound rate increases and loss cost trends collectively give rise to the related topic of current year loss ratio picks or indications and the result in bookings.
The strong market that we now enjoy, in conjunction with the significant underwriting transformation at AIG, has driven other aspects of the portfolio that affect loss ratios.
In many lines and classes of business, the degree that cumulative rate changes have outpaced cumulative loss cost trend is substantial.
And these lead to meaningfully reduced loss ratio indications between 2018 and the 2021 years.
Unfortunately, this is where most discussions usually cease with external stakeholders.
However, in reality, that is not the end of the discussion but merely the beginning.
Some other aspects that can have material favorable implications toward the profitability of underlying businesses are, one, terms and conditions, which can rival price in the impact.
Two, a much more balanced submission flow across the insured risk quality spectrum, thereby improving rate adequacy and mitigating adverse selection.
Three, strategic capacity deployment across various layers of an insurance tower, which can produce preferred positioning and ongoing retention with the customer.
And fourth, reinsurance that tempers volatility and mitigates net losses.
Accordingly, even if modest loss ratio beneficial impacts are assigned to each of these nuances, they will additionally contribute to further driving down the 2021 indicated loss ratio beyond that signaled by rate versus loss trend alone.
And these are real and these are happening.
So why are product lines booked at this implied level of profitability by any insurer?
Well, there is at least four reasons.
First, insurers assume the heterogeneous risk of others and each year is composed of different exposures, rendering so-called on-level projections to be imperfect.
Second, most policies are written on an occurrence basis, which means the policy language can be challenged for years, if not decades, potentially including novel series of liability.
Third, many lines are extremely volatile and even if every insured is underwritten perfectly -- even if every insured is underwritten perfectly.
And fourth, booking an overly optimistic initial loss ratio merely increases the chance of future unfavorable development.
Therefore, these types of issues require prudence in the establishment of initial loss ratio picks for most commercial lines of business.
Shifting now to our third quarter reserve review.
Approximately $42 billion of reserves were reviewed this quarter, bringing the year-to-date total to approximately 90% of carried pre-ADC reserves.
I'd like to spend a little time taking you through the results of our quarterly reserve analysis, which resulted in minimal net movement, confirming the strength of our overall reserve position.
On a pre-ADC basis, the prior-year development was $153 million favorable.
On a post-ADC basis, it was $3 million favorable.
And when reflecting the $47 million ADC amortization on the deferred gain, it was $50 million favorable in total.
This means that our overall reserves continue to be adequate, with favorable and unfavorable development balanced across lines of business, resulting in an improved yet neutral alignment of reserves.
Now, before looking at the quarter on a segment basis, I'd like to strip away some noise that's in the quarter so we don't get overly lost in the details.
One should think of this quarter's reserve analysis as performing all of the scheduled product reviews and then having to overlay two seemingly unrelated impacts caused by the receipt of a large subrogation recovery associated with the 2017 and 2018 California wildfires.
The first of these two impacts is the direct reduction from North America personal insurance reserves of $326 million, resulting from the subrogation recoveries.
As a result, we also had to reverse a previously recorded 2018 accident year reinsurance recovery in North America commercial Insurance of $206 million since the attachment point was no longer penetrated once the subrogation recoveries were received.
These two impacts from the subrogation recovery resulted in a net $120 million of favorable development.
So excluding their impact restates the total general insurance PYD as being $70 million unfavorable in total rather than the $50 million of favorable development discussed earlier.
This is a better framework to discuss the true underlying reserve movements this quarter.
This $70 million of global unfavorable stems from $85 million unfavorable in global CAT losses together with $50 million favorable in global non-CAT or attritional losses.
The $85 million unfavorable in CAT is driven by marginal adjustments involving multiple prior-year events from 2019 and 2020.
The $15 million non-CAT favorable stems from the net of $255 million unfavorable from global commercial and $270 million of favorable development, predominantly from short-tail personal lines businesses within accident year 2020, mostly in our International book.
Consistent with our overall reserving philosophy, we were cautious toward reacting to this $270 million favorable indication until we allow the accident year to season.
North America commercial had unfavorable development of $112 million, which was driven by financial lines' strengthening of approximately $400 million with favorable development and other lines led by workers' compensation with approximately $200 million, emanating mostly from accident years 2015 and prior and approximately $100 million across various other units.
North America financial lines were negatively impacted by primary public D&O, largely in the more complex national accounts arena and within private not-for-profit D&O unit, in addition to some excess coverage mostly in the public D&O space, with 90% emanating from accident years 2016 to 2018.
International commercial had unfavorable development of $143 million, which was comprised of financial lines' strengthening in D&O and professional indemnity of approximately $300 million led by the U.K. and Europe, but the accident year impacts are more spread out.
Favorable development was led by our specialty businesses at roughly $110 million with an additional favorable of approximately $50 million stemming from various lines and regions.
Now, as Peter noted, the changes we've made to our underwriting culture and risk appetite over the last few years, coupled with strong market conditions, are now showing through in our financial results.
U.S. financial lines, in particular, through careful underwriting and risk selection has meaningfully reduced our exposure to securities class actions or SCA lawsuits over the last few years.
Evidence of this underwriting change is best seen through the proportion of SCAs for which the U.S. operation has provided coverage.
In 2017, AIG provided D&O coverage to 67 insurers involved in SCAs, which represents 42% of all U.S. federal security class actions in that year.
Whereas in 2020, that shrunk to just 18% and through nine months of 2021 is only 15 insurers or 14%.
This is significant because roughly 60% to 70% of public D&O loss dollars historically emanate from SCAs.
The North America private not-for-profit D&O book has also been significantly transformed.
The policy retention rate here between 2018 and 2021, which is a key strategic target, is just 15%.
And yet it should also be noted that the corresponding cumulative rate increase over the same period is nearly 130%.
This purposeful change in risk selection criteria away from billion-dollar revenue large private companies and nonprofit universities and hospitals to instead a more balanced middle market book will also drive profitability substantially.
International financial lines has implemented similar underwriting actions with comparable three year cumulative rate increases, along with a singular underwriting authority around the world as respect U.S.-listed D&O exposure through close collaboration with the U.S. Chief Underwriting Office.
In summary, our reserving philosophy remains consistent in that we will continue to be prudent and conservative.
This is evidenced by our slower recognition of attritional improvements in short-tail lines from accident year 2020 and from the sound decision to strengthen Financial Line reserves, even though there are some interpretive challenges stemming from a difficult claims environment, changes within our internal claims operations over the last couple of years and potential COVID-19 impacts on claim reporting patterns.
All of these underwriting actions we've taken over the last few years make us even more confident in our total reserve position across both prior and current accident years.
Moving on to life and retirement.
The year-to-date ROE has been a strong 14.3% compared to 12.8% in the first nine months of last year.
APTI during the third quarter saw higher net investment income and higher fee income, offset by the unfavorable impact from the annual actuarial assumption update, which is $166 million pre-tax, negatively affected the ROE by approximately 250 basis points on an annual basis and earnings per share by $0.15 per share.
The main source of the impact was in the Individual retirement division associated with fixed annuity spread compression.
life insurance reflected a slightly elevated COVID-19-related mortality provision in the quarter.
But our exposure sensitivity of $65 million to $75 million per 100,000 population deaths proved accurate based on the reported third quarter COVID-related deaths in the United States.
Mortality exclusive of COVID-19 was also slightly elevated in the period.
Within Individual retirement, excluding the Retail Mutual Fund business, net flows were a positive $250 million this quarter compared to net outflows of $110 million in the prior-year quarter largely due to the recovery from the broad industrywide sales disruption resulting from COVID-19, which we view as a material rebound indicator.
Prior sensitivities in respect to yield and equity market movements affecting APTI continue to hold true.
And new business margins generally remain within our targets at current new money returns due to active product management and disciplined pricing approach.
Moving to other operations.
The adjusted pre-tax loss before consolidations and eliminations was $370 million, $2 million higher than the prior quarter of 2020, driven by higher corporate GOE primarily from increases in performance-based employee compensation, partially offset by higher investment income and lower corporate interest expense resulting from year-to-date debt redemption activity.
Overall net investment income on an APTI basis was $3.3 billion, an increase of $78 million compared to the prior-year quarter, reflecting mostly higher private equity gains.
By business, life and retirement benefited most due to asset growth, higher call and tender income and another strong period of private equity returns.
general insurance's NII declined approximately 6% year over year due to continued yield compression and underperformance in the hedge fund position.
Also, general insurance has a much higher percentage allocation to private equity and hedge funds, which is likely to change moving forward.
As respect share count, our average total diluted shares outstanding in the quarter were 864 million and we repurchased approximately 20 million shares.
The end-of-period outstanding shares for book value per share purposes was approximately 836 million and anticipated to be approximately 820 million at year-end 2021 depending upon share price performance, given Peter's comments on additional share repurchases.
Lastly, our primary operating subsidiaries remain profitable and well capitalized, with general insurance's U.S. pool fleet risk-based capital ratio for the third quarter estimated to be between 450% and 460%.
And the life and retirement U.S. fleet is estimated to be between 440% and 450%, both above our target ranges.
Operator, we'll take our first question.

user
compname reports qtrly adjusted after-tax earnings per share $0.97.
qtrly total general insurance net premiums written increased 11% to $6.6 billion from prior year quarter.
qtrly total general insurance underwriting income was $20 million compared to an underwriting loss of $423 million in prior year quarter.
qtrly earnings per share $1.92; qtrly adjusted after-tax earnings per share $0.97.
as of sept 30, 2021, book value per common share was $77.03, an increase of 1% fromdecember 31, 2020.
repurchased $1.1 billion of aig common stock and redeemed $1.5 billion of debt in quarter.
as of sept 30, 2021, adjusted book value per common share was $61.80, an increase of 8%from december 31, 2020.

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