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Text: I will start today's remarks in an overview of AIG's outstanding consolidated financial results for the second quarter.
Then I will review results for General Insurance and Life and Retirement in more detail.
And following that, I will provide an update on the progress we're making on AIG 200 and the operational separation of Life and Retirement from AIG.
Next, I will provide details on our strategic partnership with -- we announced with Blackstone in July, which represents a significant milestone for AIG and a major step forward toward the IPO of Life and Retirement.
Lastly, I will provide you an update on our capital management strategy where our near-term priorities remain the same as what I've outlined in the past: debt reduction, return of capital to shareholders in the form of share repurchases, and investment in organic growth.
Mark will provide additional details on the quarter and we'll then take questions.
Starting with the consolidated results, I'm pleased to report that AIG had an outstanding second quarter.
We have sustained the significant momentum we had coming into 2021 through the first half of the year and that we delivered exceptional performance in General Insurance with strong top line growth and this significant improvement in our combined ratios.
Our pivot to growth and focused on demonstrating our leadership in this marketplace accelerated through the second quarter as we continued to prioritize underwriting discipline, portfolio optimization, reducing volatility and growing in segments where our market conditions are really favorable in fall and within our risk appetite.
We also saw very good results in our Life and Retirement business, primarily driven by improved investment performance.
Life and Retirement's adjusted pre-tax income increased 26% year over year and the business delivered a return on adjusted segment common equity of 16.4%.
We continue to advance the AIG 200 with transformation remaining on track to deliver $1 billion in run rate savings across our company by the end of 2022 against a cost to achieve of $1.3 billion.
And turning to our financial results, I'll start with General Insurance.
Growth in net premiums written was strong in the second quarter, accelerating from the first quarter and continuing the trend that began in 2020 as the heaviest remediation efforts we've -- that's nearing completion.
Net premiums written increased 24% year over year to $6.9 billion or approximately 20%, excluding foreign exchange.
Growth was strong across both Global Commercial and Personal.
Our Global Commercial net premiums written increased 13%, excluding foreign exchange, reflecting growth in areas with attractive risk-adjusted returns, improving renewal retentions and really more than that 25% increase in the new business compared to the prior-year quarter and overall rate increases of 13%.
North America Commercial net premiums written increased 15%, excluding foreign exchange, including our strong growth in Excess Casualty, Financial Lines, Retail Property, AIG Re and Lexington.
New business increased 25% from the prior year quarter, led by Financial Lines and Lexington wholesale.
Renewal retentions also improved in 300 basis points over this same period.
It's worth noting that Lexington had its strongest quarter of new business since we fully repositioned its operating model to also focus on the wholesale distribution of Excess & Surplus Lines.
This business has significant momentum, which we expect will continue for the foreseeable future.
Shifting to International Commercial.
Net premiums written grew 10%, excluding foreign exchange, and primarily driven by Financial Lines across the U.K., EMEA and Asia Pacific, global specialty, particularly marine and energy, and Talbot, our Lloyd's syndicate.
New business increased 26% from the prior year period, led by Financial Lines, marine, energy and Talbot.
And renewal retentions increased by 500 basis points over this same period.
It's important to emphasize that the growth we are achieving across Commercial is also aligned in our risk appetite that we have been executing against over the past three years.
We continue to prudently deploy limits, including with respect to the new business with an intense focus on risk aggregation.
And in addition to strong retention, growth is being driven by exceptional new business, which in Global Commercial was $1 billion in the second quarter.
With respect to Personal Insurance, as we discuss this on last quarter's call, the unusually high growth in net premiums written was largely reflective of the creation of the Syndicate 2019 in second-quarter 2020 and the reinsurance cessions associated with creating that syndicate.
Momentum continued with overall Global Commercial rate increases of 13%.
North America Commercial rate have increased 13% with the most notable improvements in Excess Casualty, which was up 20%; Lexington Casualty, which was up 19%; and Lexington wholesale property, which was up 15%.
International Commercial rate also increased 13%, driven by Financial Lines, which was up 21%; property, which was up 18%; and energy, which was up 16%.
Across the global portfolio, the largest rate increases were in cyber, where rates were up almost 40% and the strongest rate increases in North America.
We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of the cyber risk.
Generally, underwriting excellence, thoughtful risk selection, tighter terms and conditions and improving rate adequacy have been core areas of focus as we transformed our portfolio.
The General Insurance accident year combined ratio ex CAT improved for the 12th consecutive quarter coming in at 91.1%, an improvement of 380 basis points for the second quarter of 2020 and an improvement of 990 basis points from the second-quarter 2018.
This improvement was comprised of 160-basis-point improvement in accident year loss ratio ex CAT and a 220-basis-point improvement in our expense ratio at AIG 200 and the benefits of premium growth continued to contribute to profitability.
Global Commercial achieved an accident year combined ratio ex CAT of 89.3%, an improvement of 500 basis points year over year.
This is the best result Commercial has reported in the last 15 years.
In Personal Insurance, the accident year combined ratio ex CAT was 95.1%, a 70-basis-point improvement over the prior-year quarter.
Now with just a quick comment on reinsurance purchased across General Insurance, we continue to evolve our reinsurance program to reflect our significantly improved underlying portfolio.
And in the second quarter, we were very active in the market with 25 specific layers on a variety of treaties placed.
Notably, in nearly every instance, we were able to enhance our terms and the conditions of our placements were at equivalent or improved pricing in a reinsurance market that is experiencing tighter terms and conditions and rate increases.
So with respect to property CAT program in particular, we took this opportunity in the second quarter to further reduce the per occurrence attachment point of North America through several buy-down CAT layers for peak zone exposures.
Lastly, on General Insurance, we remain confident we will achieve a sub-90% accident year combined ratio ex CAT by the end of 2022.
Based on the progress that I've now seen in our underwriting, the ongoing efforts in optimizing our portfolio, the terrific execution of AIG 200 and the significant momentum we've developed, I'm optimistic we'll get there sooner.
And as we move through second half of the year and get further into AIG 200 in separation execution, we will provide you further comments on our combined ratio expectations.
Now let me turn to AIG Re, which oversees our global assumed reinsurance business.
Net premiums written across all lines increased more than 30% of -- the second quarter compared to the prior-year period.
Writings were balanced across multiple lines of business with risk-adjusted returns and underwriting ratios improving across the portfolio.
property CAT, we saw rate improvements across all U.S. property business sectors; increases range from the mid-single digits to upwards of 25%, and depending on geography and loss-affected accounts; in Florida, Validus Re net limits at June 2021 were reduced by more than 40% in coordination with AlphaCat.
Since the acquisition of Validus Re in 2018, we reduced the overall limit in Florida of more than 65% or approximately $400 million of annual limit, demonstrating that Validus Re's continued discipline and focus on volatility reduction.
Further, Florida-specific firms represent less than 2% of Validus Re's total premiums written.
Our focus remains on regional and nationwide firms in the U.S. as well as international diversification.
And in addition to 2020 and through the second quarter of 2021, less than 25% of AIG Re's net premiums written came from property lines.
Building on our retrocessional purchase on 1-1 of worldwide aggregate protection, Validus Re secured further retrocessional protections in June.
Specifically, we purchased more peak zone coverage for U.S. wind, Asia wind and California earthquake for the 2021 season.
Overall, we have also substantially enhanced the portfolio despite the heightened competition, and we're really pleased with how AIG Re has evolved.
We have exceptionally strong intermediary market support as well as strong client relationships, which have resulted in the significant renewal retention and signings we have.
In addition, we've upgraded talent across the board and have broadened skill sets of our leaders.
We believe this business is much more prepared now to assess and opportunistically respond to the market conditions.
Turning to Life and Retirement, this business once again delivered very strong results.
Life and Retirement's broad leadership position across products and channels has enabled us to take advantage of significant rebound in retail annuity sales with our -- with total annuity sales of significantly across our entire annuity offering.
Our strong sales resulted in positive Individual Retirement annuity net flows during the quarter.
Group Retirement deposits were higher compared to the first-quarter 2021 levels.
Second-quarter 2021's new planned participant enrollments also increased 20% year over year, as demonstrated regularly in recent quarters.
Our high-quality investment portfolio is well positioned to navigate these uncertain environments.
Our variable annuity hedging program has continued to perform as expected, providing downside protection during prolonged periods of volatility.
And finally, this strategic partnership with Blackstone further positions Life and Retirement to expand its distribution relationships, enhance its product offerings, and the business will benefit from Blackstone's significant capabilities.
Now let me turn to AIG 200 in our global multiyear effort to position AIG for the long term.
AIG 200 is continuing with a sense of urgency for all 10 of the operational programs deep into execution mode.
We're 18 months into this transformation and we have a clear execution path to $1 billion in run rate cost savings of $550 million already executed or contracted, $355 million of which has been recognized already to date in the income statement.
AIG 200 continues to build a strong foundation across the company and instill a culture of operational excellence.
Turning now to the separation of Life and Retirement, we made considerable progress in the second quarter with a focus on speed execution with minimal business disruption.
Separation management office has identified day 1 requirements for Life and Retirement to become a stand-alone company and multiple work streams are underway.
This work also includes the alignment our investments unit with Life and Retirement and preparing the Blackstone partnership close.
With the speed with which our colleagues have moved -- would not have been possible without the foundational work that's been done as part of AIG 200.
And as I've discussed on prior calls, our IPO of up to 19.9% of Life and Retirement was our base case since we announced our intention to separate this business from AIG last October.
We continue to believe that an IPO will maximize value for our stakeholders and the position of the business for additional value creation as a public company.
I also noted on our last call that following our announcement, we have received several credible inquiries from different parties that are interested in purchasing a minority stake in Life and Retirement as well as our entire investment management group.
One of those parties with Blackstone.
We've decided not to pursue this original proposed transactions because we determined that selling the entire investment management group was not in the long-term interest of Life and Retirement.
Some of the proposals also contemplated significant reinsurance transactions ahead of an IPO, which we didn't believe would optimize this outcome for our shareholders at this stage in the process.
In June, Blackstone reengaged with us to determine if we could find a mutually beneficial way to partner that would further our goals for the separation of Life and Retirement.
These discussions have led to the announcement of our strategic partnership with -- we entered into in mid-July.
We continue to work with a sense of urgency toward an IPO of the Life and Retirement business.
Following the 9.9% equity investment by Blackstone, this IPO will likely be the first in the quarter of 2022 event, subject to required regulatory approvals and market conditions.
We previously viewed the fourth quarter of this year as the earliest in IPO would occur within the first quarter of 2022 as our more likely outcome.
So our timeline is essentially unchanged even if -- with the announcement of the Blackstone transaction.
Additionally, the gain on sale of Affordable Housing, coupled with other factors, provides us with great flexibility to sell beyond the 19.9% as we now expect to fully utilize our foreign tax credits in 2022.
This development facilitated our partnership with Blackstone and, as a result, made it more compelling compared to structures we considered since our separation announcement last October.
We believe we are better positioned to accelerate with this operational separation.
And as a result, Life and Retirement will be more comprehensively established as an independent company when the IPO occurs.
Now let me provide additional detail on the Blackstone partnership, which represents this significant milestone for AIG and provides meaningful momentum for the IPO of Life and Retirement.
As I mentioned, this partnership represents the culmination of discussions that took place over the last year on several strategic initiatives, which we view it as very beneficial for AIG and Blackstone.
Blackstone's leadership has indicated this for some time that insurance is a key strategic priority for their firm.
The investment Blackstone is making in our Life and Retirement business is the single largest corporate investment the firm has made in its 35-year history.
And Life and Retirement is now Blackstone's single largest client.
This substantial commitment by Blackstone highlights the strength of Life and Retirement's business, Blackstone's belief in the value of the investment, its validation of Life, and Retirement's market-leading position.
Furthermore, Jon Gray, President and COO of Blackstone, was directly involved in the negotiations.
He has been a great partner throughout and will join the board of directors of the IPO entity at the closing of our equity investment, which we expect to occur in September.
Let me recap some of terms of the transactions and how we're thinking about this future for capital structures for AIG and Life and Retirement as stand-alone businesses.
Blackstone will acquire a 9.9% cornerstone equity stake in the holding company for AIG's Life and Retirement business for $2.2 billion in an all-cash transaction.
The purchase price is equivalent to a multiple of 1.1x target pro forma adjusted book value in $20.2 billion.
Our adjusted book value also reflects that the combined book value of our Life and Retirement business and a majority of our investments unit as well as the financing arrangements to be undertaken and the amounts to be paid from that entity to AIG just prior to the IPO.
As we look to the structure of the IPO entity, we will raise debt at this entity, consistent with its ratings and peer leverage ratios.
The new debt will be used to pay down AIG debt such that debt stack at AIG and the IPO entity will both be in line with each of the companies' firm and what we view as the optimal debt-to-total capital ratio for each company.
Life and Retirement will also enter into separately managed account agreements, or SMAs, with Blackstone -- whereby we at Blackstone will manage $50 billion of specific asset classes with that amount growing to $92.5 billion over a six-year period.
Lastly, and as I alluded to earlier, we sold some -- certain of Affordable Housing assets to Blackstone Real Estate Income Trust for $5.1 billion in an all-cash transaction, which is expected to close by year-end 2021.
Turning to capital management, we ended the second quarter with $7.2 billion of parent liquidity.
The net proceeds from the Blackstone transactions resulted in an additional liquidity of $6.2 billion to AIG by year-end 2021.
Through the remainder of this year, we plan to pay down the $2.5 billion AIG debt and buy back about -- at least $2 billion of the common stock.
So together, these capital management actions demonstrate our commitment to delever and return capital to shareholders.
In addition, the strength of our overall capital position leaves us with ample capacity to continue to invest in growth, and particularly in General Insurance, where our market conditions continue to be extremely favorable.
For the second quarter of 2021, AIG reported adjusted pre-tax income, or APTI, of $1.7 billion and adjusted after-tax income of $1.3 billion.
We produced an annualized return on adjusted common equity of 10.5% for AIG, 12.3% for General Insurance and 16.4% for Life and Retirement.
The annualized return on adjusted tangible common equity was 11.6% to the quarter.
On a GAAP basis, AIG reported $91 million of net income with principal difference between GAAP and adjusted after-tax income of $1.3 billion being the accounting treatment of Fortitude, net investment income, and associated realized gains and losses.
Before I move to General Insurance though, I'd like to add to Peter's remarks on the Blackstone SMA that this arrangement incorporates specific specialty asset classes, comprised mostly of private credit, alternatives and structured products, where Blackstone is a world leader in sourcing and origination and has a demonstrated track record of delivering yield profit and not public fixed-income securities.
The fee structure is 30 basis points on the initial $50 billion of AUM, increasing to 45 basis points for the annual new AUM of $8.5 billion, starting four quarters later as well as for the reinvested run-off AUM.
Therefore, fee should rise from 30 basis points initially toward 43 basis points by the end of the initial six-year contractor for Blackstone's share of the assets.
For this part of our portfolio, it's fair to expect that fees will somewhat precede the benefits of the impact of enhanced origination and differentiated asset classes and recognition of related yield uplift.
We believe this SMA arrangement is unique and that L&R maintains control over its overall asset allocation, asset liability management, liquidity and credit profile, and the nature of individual investment structures.
In addition, Life and Retirement has the opportunity to enhance overall investment management, focusing on improving efficiencies and asset classes that are not part of the SMA as well as optimizing performance across our whole portfolio.
We believe the combination of these efficiencies, together with the Blackstone focus on maximizing the performance of SMA assets and growth opportunities on the overall AUM, should drive net yield uplift.
Before leaving the Blackstone transaction, I want to note that a GAAP loss on sale is anticipated with a 9.9% equity purchase by Blackstone as well as with subsequent IPO sell-downs due to the inclusion of OCI and GAAP book value.
Given that OCI in future periods is also subject to some market fluctuations, the impact cannot be fully estimated at this time.
As respects Affordable Housing, note that the $5.1 billion purchase price translates to an approximate $3 billion after-tax gain on sale, which will benefit book value and provides approximately $4 billion of cash to parent with the minority proportion held back in a regulated Life and Retirement entity to further strengthen an already historically strong RBC level.
This transaction is expected to close by year-end 2021.
Moving to General Insurance, second-quarter adjusted pre-tax income was $1.2 billion, up $1 billion even year over year, primarily reflecting increased pre-tax underwriting income of over $800 million, along with $200 million and change of increased pre-tax net investment income, driven primarily by equity returns.
Catastrophe losses of $118 million were significantly lower this quarter, compared to $674 million in the prior-year quarter.
Prior-year development was $51 million favorable this quarter, compared to the favorable development of $74 million in the prior year quarter.
This included $58 million of net favorable development in North America and $7 million of net unfavorable development in International, both of which reflect some marginal changes in the underlying operations.
As usual, there is net favorable amortization from the adverse development cover, which amounted to $49 million this quarter.
It's important to note in context, though, the recent strength of the property and casualty market and how General Insurance has executed within this environment.
And as Peter mentioned in his remarks, the book has had nearly three turns at correction since 2018.
Risk appetite and risk selection have been materially sharpened, complementary and properly evolving reinsurance programs have been implemented.
Certain lines and segments were exited or massively reduced.
Clearer and broader distribution has been embraced.
Lexington has stood up as a major E&S platform, all of this was accomplished while simultaneously achieving the significant rate in excess of lost cost trends with materially better terms and conditions.
These actions formed the foundation as to why General Insurance has shown material improvement in the underlying accident year ex CAT combined ratios in both the historically underperforming North America Commercial segment in the International Commercial segment as well.
North America Commercial has shown a 620-basis-point improvement in the accident year ex CAT combined ratio over the prior-year quarter.
The International Commercial segment has continued to improve profitability with 370 basis points improvement compared to the prior-year quarter.
This shows demonstrable margin improvement stemming from the totality of the actions enumerated earlier.
And this level of Global Commercial improvement is also noteworthy Global Commercial made of 71% of worldwide net premiums written through the first half of 2021.
Additionally, the Global Commercial book is increasingly becoming a global specialty book comprised of below-frequency, high-severity coverages.
As a result, General Insurance Commercial, although large and global in scope, it's not a mere index of the market, but instead an underwriting company, where risk selection and business mix are important factors in achieving profit and growth while mitigating volatility.
Turning to Personal Insurance.
As we noted on our first quarter earnings call, our year-over-year net premium written comparison for the second quarter would improve, given the timing of the initial COVID-19 impact and distortions from Syndicate 2019 that's being reflected also during the second quarter of 2020.
Global Personal Lines net premiums written grew by approximately 45% or 41% on a constant dollar basis, aided by the Syndicate 2019 comparison.
Elsewhere within this segment, the second quarter of 2021 North America Personal Insurance saw premiums in travel and warranty business increase.
This was driven by a rebound in travel activity and increased consumer spending but not yet back to the pre-pandemic levels.
Our outlook for net premiums written for the next six months in North America Personal Insurance is between the $450 million and $500 million per quarter.
We continue to anticipate earned margin expansion throughout 2021 and into 2022, resulting from AIG's favorable underwriting actions we've taken in global market conditions involving the strong rate increases well above loss trend, improved terms and conditions and a more profitable, less volatile mix.
Given the specific market dynamics of where we choose to play, we don't foresee any material slowing-down in the cheaper rate levels throughout the balance of the year.
And now I'd like to comment a bit on inflation, which one needs to think about in terms of both economic and social inflation.
Based on the Consumer Price Index and the Producer Price Index, headline inflation that indicates an annualized runrate of about 5.5% to 7.5%, which has accelerated in March.
Some components of the indices have become worrisome, such as used cars and trucks being up about 45% and energy commodities being north of 40%.
But medical care services, whose impact now stretches across most casualty, auto, workers' compensation and excess placements, although higher, are much more tame than the headline inflation that would indicate with physician services up about 4% recently and hospital services up about 2.5%.
Costs involving labor, materials, construction and related services are up and will impact property coverages and CAT claim costs in the near term.
These indications demonstrate that the inflationary impact on any given insurer is a direct function of the products and the mix they write and where they play within our insurance program.
Social inflation, however, is much more of a U.S.-centric phenomenon, driven by a highly litigious culture.
Some social inflation also has correlations to the social change initiatives that are -- including income inequality and changing sentiments toward business, to name a few.
Being further away from risk though is a meaningful inflation counter.
And AIG's General Insurance has taken strong pre-emptive action in that regard by minimizing lead umbrellas in favor of higher positions within insurance programs.
For example, our Excess Casualty average attachment points for national and corporate U.S. accounts have also increased approximately 3.5 times and 5.5 times, respectively, since 2018.
This significantly increased distance from attaching is a key overall portfolio benefit.
view toward the total inflation rate of 4% to 5% is arguably reasonable for the near to medium term.
Our second-quarter rate increases, together with our view of pricing for the rest of the year provide continued margin in excess of this loss cost trend.
Now turning to Life and Retirement.
When compared with the prior year, favorable equity markets drove higher alternative investment returns, principally higher than private equity returns, which reflect the impact of the one quarter lag on the period.
Life Insurance continues to reflect the COVID-19-related mortality provision that has dropped relative to the prior quarters.
We estimate our exposure to the population is approximately $65 million to $75 million per 100,000 population deaths.
Mortality, however, exclusive of COVID-19 continues to be favorable compared to pricing assumptions.
Within Individual Retirement, excluding the Retail Mutual Fund business, net flows were positive for the quarter and favorable by over $1.2 billion when compared within second-quarter 2020, led by the Index Annuities rebounding to be higher by approximately $700 million with Variable Annuity net flow of about $365 million stronger year over year.
Group Retirement premiums and deposits were up with net flows being relatively flat while also experiencing an improved surrender rate sequentially.
The Life business has seen consistent premiums and the lower lapse [Inaudible] rates over the last four quarters than prior.
And for Institutional Markets, premiums and deposits were up compared to the prior year and sequentially.
GIC issuance was also higher but sequentially and year over year.
And we executed several large pension risk transfer transactions during the quarter.
The pipeline for pension risk transfer opportunities, both direct and through reinsurance, we remain very strong in both the U.S. and in the U.K.
We continue to actively manage the impacts from the low interest rate and tighter credit spread environment.
In our earlier provided range for expected annual spread, compression has not changed as our base investment spreads for the second quarter were within our annual eight to 16-point guidance.
Further, new business margins have generally remained within our targets at current new money returns due to active product management and a disciplined pricing approach.
Lastly, post June 30th, we closed on the sale of our Retail Mutual Fund operation.
As you are aware, Retail Mutual Funds has contributed to he negative flows over the last two years.
And the drag from this will now cease.
Moving to Other Operations.
The adjusted pre-tax loss was $610 million, inclusive of $94 million from consolidation and elimination entries, which principally reflect adjustments offsetting investment returns in the subsidiaries, which are in alignment at Other Operations.
Before consolidations and eliminations, the adjusted pre-tax loss was $516 million, $184 million worse than the second quarter of 2020.
But that quarter included two months of Fortitude Re results of $96 million.
And in addition, during the second quarter of 2021, we also increased prior-year legacy loss reserves by a net $65 million that's driven mostly by Blackboard exposures.
And we increased our incentive program accrual to reflect the strong performance year-to-date, whereas in 2020, we began adjusting our incentive program accrual in the third quarter.
After applying for these adjustments, we -- the comparison is actually favorable year over year.
Shifting to investments, our overall net investment income on APTI basis was $3.2 billion.
That's virtually flat from the second quarter of 2020 but again, adjusting the second quarter of 2020 for Fortitude net investment income of over that two-month period, this quarter's net investment income was $362 million higher than the prior year, reflecting our strong private equity returns at an annualized 27% return rate for the quarter.
And hedge fund results at a 21% annualized return rate for the quarter, along with stable interest and dividend income.
Turning to the balance sheet, at June 30th, book value per common share was $76.73, up 7% from one year ago.
Adjusted book value per common share was $60.07 per share, up 7.5% from one year ago, driven primarily by strong operating performance.
Adjusted tangible book value per common share was $54.24, up 8.1% from a year ago.
As Peter noted, at quarter end, AIG parent liquidity was $7.2 billion.
Treasury in connection with some certain tax settlement agreements emanating from pre-2007 as well as completed debt tenders for an aggregate purchase price of $359 million.
Our debt leverage at June 30 was 27% even, down 140 basis points from the end of 2020 and down 360 basis points from June 30th of one year ago.
Our primary operating subsidiaries remain profitable and well capitalized.
pool fleet risk-based capital ratio for the second quarter to be between 460% and 470% and Life and Retirement is estimated to be between 440% and 450%, both in -- above the target range.
Lastly, as respect to tax, I want to reiterate that the remaining net operating loss or NOL portion of AIG's DTA at the time of deconsolidating L&R for tax purposes will still then be available for offset of future General Insurance and/or AIG taxable income through their natural expiration.
As of June 30, that portion of the DTA totaled $6.3 billion and is available to offset up to $30 billion of taxable income.
So upon tax deconsolidation, what we'll see is the ability to utilize up to 35% of Life Insurance company income against NOLs or any remaining FTCs.
Operator, we'll go to question and answer.

user
qtrly total general insurance net premiums written $6.86 billion , up 24%.
qtrly gi accident year combined ratio, as adjusted, excluding catastrophe losses and related reinstatement premiums, was 91.1 versus 94.9.
as of june 30, 2021 book value per common share was $76.73 versus $ 71.68.
as of june 30, 2021 adjusted book value per common share was $ 60.07 versus $ 55.90.
in h2 2021, expect to repurchase at least $2 billion in common stock and reduce debt outstanding by $2.5 billion.

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