American International Group (NYSE: AIG) has reported a sharp decline in revenues and earnings for the fourth quarter of 2022.
Net income attributable to shareholders dropped to $264 million or $0.35 per share in the fourth quarter from $3.74 billion or $4.38 per share in the same period of 2021.
The weak bottom-line performance reflects an 18% fall in revenues to $11.59 billion. At $3.26 billion, net investment income was down 9% year-over-year in the fourth quarter.
“We reached significant milestones on AIG 200 that modernized our technology infrastructure and operational capabilities while executing on our target run-rate savings of $1 billion six months ahead of schedule. We revamped AIG’s investment management strategy through strategic partnerships with Blackstone and BlackRock and have transferred approximately $50 billion and $150 billion of assets, respectively, to these partners,” said AIG’s CEO Peter Zaffino.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Costco Wholesale Corporation (NASDAQ: COST), which operates a chain of membership warehouses, on Tuesday reported results for the fourth quarter of fiscal 2024. The company posted revenues of $78.9 billion
Shares of McCormick & Company Inc. (NYSE: MKC) were down on Tuesday. The stock has fallen 19% over the past three months. The spices and seasonings maker is scheduled to report its
Cintas Corporation (NASDAQ: CTAS) reported first quarter 2024 earnings results today. Revenue was $2.34 billion, up 8.1% from the same period last year. Organic revenue growth was also 8.1%. Net