American International Group (NYSE: AIG) has reported a sharp decline in revenues and earnings for the fourth quarter of 2022.
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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.
