Thread regarding AIG (American Intl Group Inc.) layoffs

AIG Posted Today a 93% Drop in Quarterly Adjusted Profit, With a Loss of 87 M Blaming COVID

BD called COVID the Single Largest Catastrophe the Industry has Ever Seen. I bet the AIG Executives will give themselves Raises and Bonuses, and Bring in More Global Executives. They will likely hire a team of their friends to form a COVID response team, with 7 figure salaries,

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Post ID: @OP+14NiQbYM

8 replies (most recent on top)

2gxb+14NiQbYM, good question. The BOD and leadership are all buddies. That's why they recycle from one company to another.
I can't wait to see who gets blamed when all their strategic initiatives go sideways and the only folks left to blame are senior leaders and outside consultants. Already have the popcorn ready.

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Post ID: @argr+14NiQbYM

Will the board ever wake up and realize the new leadership they hired just doesn’t have what it takes and that they are paying them an enormous sum of money for terrible results?

Only hope is that the company gets bought and they clean house of most of new cronies and put in real leaders. It will still mean layoffs, but not as much as they have planned

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Post ID: @2gxb+14NiQbYM

It still boggles my mind that AIG burned another $500 million in share repurchases, while every other major financial services company halted repurchases.

Way to read the room, guys.

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Post ID: @1lha+14NiQbYM

Investment income was down $1.0 billion in Q1, largely thanks to equity and bond market turmoil.

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Post ID: @1nxy+14NiQbYM

new drinking game, do a shot every time bd refers to the virus today on his earnings call. it is the new go to excuse to loot the company

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Post ID: @1lde+14NiQbYM

I find it hard to see a correlation between the virus and the GI combined ratio. In fact, I would argue that claims were down as were travel expenses so the combined ratio should be better. The one thing that sticks out to me is that GI still cannot make a profit.

BD told employees that the combined ratio would be in the low 80s with his 3 year plan in 2017. it is still over 100. Just retire already, you failed to deliver on your promises.

Q1 General Insurance combined ratio 101.5 vs. 97.4 a year ago

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Post ID: @1zej+14NiQbYM

I have two questions for someone out there that has more insight?

  1. The covid19 outbreak didn't really start impacting the US until late in Q1. I understand it may have impacted earning a bit, but most of the quarter should have been business as usual, yet earnings were down 85% @ .11 cents per share. How much of this was really because of covid19?
  1. AIG seems very closely tied to Lloyds all of a sudden. Hiring many execs and now the 2019 Lloyds syndicate. What is the connection between these two companies? It seems there is more going on here than is reported.
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Post ID: @1fng+14NiQbYM

93% drop? Is that all?

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Post ID: @1bss+14NiQbYM

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