American International Group, Inc. (AIG) Q4 2022 Earnings Call Transcript

American International Group, Inc. (NYSE:AIG) Q4 2022 Earnings Conference Call February 16, 2023 8:30 AM ET

Company Participants

Quentin McMillan – Vice President, Managing Director and Head-Investor Relations

Peter Zaffino – Chairman and Chief Executive Officer

Sabra Purtill – Executive Vice President and Interim Chief Financial Officer

David McElroy – Executive Vice President and Chief Executive Officer-General Insurance

Conference Call Participants

Elyse Greenspan – Wells Fargo

Paul Newsome – Piper Sandler

Erik Bass – Autonomous

Alex Scott – Goldman Sachs

Operator

Good day, and welcome to AIG's Fourth 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

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 our 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 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.

Finally, today's remarks will discuss the results of AIG's Life and Retirement segment and Other Operations on the same basis as prior quarters, which is how we expect to continue to report until the deconsolidation of Corebridge Financial Incorporated. AIG's segments and U.S. GAAP financial results as well as AIG's key financial metrics with respect thereto differ from those reported by Corebridge Financial. Corebridge Financial will host its own earnings call tomorrow on Friday, February 17, and will provide additional details on its results.

With that, I'd now like to turn the call over to our Chairman and CEO, Peter Zaffino.

Peter Zaffino

Good morning and thank you for joining us to review our fourth quarter and full year 2022 results. Following my remarks, Sabra will provide more detail on certain topics, including Life Retirement results and our path to a 10% or greater ROCE, and then we will take questions. Kevin Hogan and David McElroy will join us for the Q&A portion of the call. Today, I will cover four topics. First, I will provide an overview of our fourth quarter financial results. Second, I will review highlights from the full year, including some of our major accomplishments, which were remarkable given the very challenging conditions we faced throughout 2022 in the equity markets and the insurance industry. Third, I will unpack in some detail market conditions leading up to January 1 reinsurance renewals, where we saw significant shifts that we believe will impact the industry throughout 2023 and perhaps longer. Suffice it to say, this 1/1 renewal season was the most challenged that many, including myself, have seen in our careers. And fourth, I will outline our 2023 priorities and outlook regarding capital management.