American International Group
Q2 2022 Earnings Call
Aug 09, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and welcome to AIG's second quarter 2022 financial results conference call. This conference is being recorded. Now at this time, I would like to turn the conference over to Quentin McMillan. Please go ahead.
Quentin McMillan -- Head of Investor Relations
Thanks very much, and good morning. Today's remarks may include forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based on management's current expectations. AIG's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results or events to differ materially.
Except as required by the applicable securities laws, AIG is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change. Additionally, today's remarks may refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement, and earnings presentation, all of which are available on our website at www.aig.com. With that, I'd now like to turn the call over to our chairman and CEO, Peter Zaffino.
Peter Zaffino -- President and Chief Executive Officer
Good morning, and thank you for joining us to review our second quarter results. AIG had an excellent quarter with strong momentum continuing across all of our strategic, financial, and operational objectives. I could not be more pleased with the exceptional results in general insurance. And life and retirement again delivered good results despite very challenging equity market conditions, significant volatility, and other headwinds.
As you saw in our press release, adjusted after-tax net income per diluted common share was $1.19. General insurance achieved a calendar year combined ratio of 87.4%, the first sub-90 quarter and best result this business has achieved in over 15 years. The accident year combined ratio, excluding CATs, was 88.5%, a 260 basis point improvement year over year and the 16th consecutive quarter of improvement. And the accident year combined ratio, excluding CATs, in global commercial was 85.3%, an improvement of 400 basis points year over year.
Consistent with our strategy to manage volatility, catastrophe losses were very modest in the quarter, coming in at $121 million or 1.8% of a combined ratio. Life and retirement has strong fixed annuity sales with over $1.3 billion in deposits for the second straight quarter, which benefited from the origination capabilities of Blackstone. AIG returned nearly $2 billion to shareholders in the second quarter through $1.7 billion of common stock repurchases and $256 million of dividends. In addition, we are on track to buy back at least $1 billion of common stock in the third quarter.