American International Group (NYSE: AIG) has reported a sharp decline in revenues and earnings for the first quarter of 2023.
Net income attributable to shareholders plunged to $23 million or $0.03 per share in the first quarter from $4.17 billion or $5.04 per share in the same period of 2022.
The weak bottom-line performance reflects a 26% fall in revenues to $10.98 billion. At $3.53 billion, net investment income was up 9% year-over-year in the March quarter.
“AIG successfully navigated a complex environment to produce excellent first quarter results that demonstrate our ability to deliver high-quality outcomes for stakeholders, grow our business, manage volatility, and improve profitability. We also continue to execute on achieving underwriting and operational excellence, and capital and investment management strategies,” said AIG’s CEO Peter Zaffino.