Everyone's on chopping block. Been so since 2008
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Beware of next month. All the bad news has been digested and RIF's are coming. Managers are on the chopping block this time. Pay grades 20-23.
Are your initials BD?
the ship has turned around. I see the light at the end of the tunnel.
Another quarter that AIG has lost and what's worse they have no clue in turning it around. It's always something about why they are not making money. Are they going to keep cutting employees until nobody is left. What is really worrisome is the constant raising of claim reserves.. That is insurance 101 and they seem do this almost every quarter. Who is responsible for this?
May not be bafoons. There is no easy fix. Greedy execs not interested in fixing. They are taking advantage of co in turmoil swarm in like vultures and bleed it dry
Another big losing quarter for AIG. What? Did we lose less money than previous quarters??? That is the spin??? The company cannot get it together. They hired a bunch of buffoons. They know nothing....they do nothing. New objectives are the same old stuff we did 10 years ago. I hate to say it....been there....done that. We are down too deep to survive. If we do, we will be as sad reflection of the old AIG.
Performance improvement? Is that like being a little pregnant?
“One day we’ll make a profit! The day is coming! At some point by 2022. Bank on it!”
BD said the 4th Quarter showed improvement in their performance. Holy Moly! I hate to think what a bad quarter means to him. He has to be careful not to misrepresent the results while doing damage control. Enjoy your job while you have one. You may not be around after the phone rings at 9:30AM one morning.
Looks like Icahn knew exactly what he was doing when he sold all of his stock!!
The townhall is another song and dance.... no “real” questions asked... all filtered out. These new hired Sr. Execs will be gone soon with more golden parachutes... Expense cuts only = lev 24 and below... Sr. Execs are still spending on there toys (renovations on floors that absolutely don’t need it... private jets that we can’t affort...etc...)
They aren't in jeopardy for 2018 pay out.
stock is down $3.65 this morning. $40.45. They can not reduce the combine ratio by 3 points in the first quarter. When will they ask some serious questions about breaking up the company and or getting out of some divisions.
STIs are in jeopardy
How long will board let this go on? 43 million. Quarters
10 out of 14 negative results over the past quarters. BD has not seen a postive result yet. How long will the Board let this go onnnnnnnnnnnnn. Stockholder.
The spin will be that the loss is smaller than before. Pitiful. Even with all the poor people losing their jobs and still a loss! Top execs keep s---ing the co dry. They should get bonus only if there is a profit. Cant believe reward such bad performance. In futures everyone should get same %age like goldman does. And did 24 floor really need to be renovated? The waste is appalling. Cars and entertainment still abused while drones get nickeled and dimed. Wait till move uptown happens your cube if youre still here will be reduced to coffin size. Cant believe co took away voicemail a while ago. Is this the stone age? But select few still have it. Pennywise and dollar foolish.
Managers should kick in and help instead of Adjusters continually taking on more
Nice spin by Brian. Who will pay for the 4th Quarter loss? AIG will use the dismal results to continue the RIF's and Cognizant technology to automate their business. I wouldn't want to be a manager at pay grade 20-23 after all the layoffs in November. AIG intends to consolidate their staff by dumping more work on the remaining managers as soon as March. This the reality of their centennial. Not much to be proud of .
AIG Reports Fourth Quarter 2018 Results
4:16 pm ET February 13, 2019 (BusinessWire) Print
--Adjusted after-tax loss of $559 million, or $0.63 per share, for the fourth quarter of 2018, compared to adjusted after-tax income of $526 million, or $0.57 per diluted share, in the prior-year quarter.
--Total net investment income of $2.8 billion in the fourth quarter of 2018, compared to $3.5 billion in the prior-year-quarter was significantly impacted by market performance. Full year 2018 net investment income of $12.5 billion compared to $14.2 billion in the prior year.
--Net pre-tax catastrophe losses in the fourth quarter of 2018 of $798 million ($630 million after-tax or $0.71 per share, at the statutory tax rate of 21%) consistent with the previously disclosed range. Full year 2018 net pre-tax catastrophe losses of $2.9 billion compared to $4.2 billion in the prior year.
--Net unfavorable prior year loss reserve development of $365 million in the fourth quarter of 2018. For the full year 2018, net unfavorable prior year loss reserve development of $362 million compared to $978 million for the prior year.
--Share and warrant repurchases of $750 million for the fourth quarter of 2018 and $1.8 billion for full year 2018.
--AIG Board of Directors increased the share repurchase authorization to $2.0 billion, including approximately $512 million that remained under the previous authorization.
American International Group, Inc. (NYSE: AIG) today reported a net loss of $622 million, or $0.70 per share, for the fourth quarter of 2018, compared to a net loss of $6.7 billion, or $7.33 per share, in the prior-year quarter. Adjusted after-tax loss was $559 million, or $0.63 per share, for the fourth quarter of 2018, compared to adjusted after-tax income of $526 million, or $0.57 per diluted share, in the prior-year quarter.
Brian Duperreault, AIG's President and Chief Executive Officer, said: "Throughout 2018, significant foundational work was undertaken to remediate AIG's core underwriting capabilities. While many issues and challenges were uncovered, we moved quickly to reduce risk and volatility, as well as implement strategies that we believe will accelerate our progress in 2019. The world class talent that joined AIG throughout 2018 was a highlight, and our team is not taking short cuts in building a top performing enterprise nor are we settling for easy fixes. Our work continues to restore AIG as the leading insurance company in the world and I remain confident we are on the right path to achieve long-term, sustainable and profitable growth.
"Our fourth quarter 2018 results showed positive improvements in General Insurance, reflecting actions we took throughout the year to re-position and strengthen the business, and Life and Retirement remains a stable source of earnings with attractive returns. Results were negatively impacted by performance in both equity and credit markets, catastrophe losses that came within our previously disclosed guidance, as well as modest net unfavorable prior year loss reserve development driven largely by underwriting decisions from 2016 and prior years. We continue to expect to achieve an underwriting profit entering 2019 in General Insurance and to reach double digit returns for consolidated AIG in three years."
FOURTH QUARTER FINANCIAL SUMMARY*
Three Months Ended
December 31,
I am sure the number will be GREAT!
who cares? no RIF in KL IT team - expected promo, STI 94% and boss nowhere - party mode!
The no will be the no of folks who lost their jobs in the last rif frenzy to show a profit - squared!
-1B