American International Group Inc

AIG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$68.00	Rpk	Drqdcwfd

AIG Earnings: Underwriting Profitability Leveling Out

Brett Horn

May 5, 2023

AIG produced another strong quarter, in our view, and the company continues to advance toward generating an acceptable return on a sustained basis. For the quarter, the adjusted annualized return on equity was 9%, or 10% on a tangible basis. We believed for some time that the company had a path toward acceptable returns, and this quarter suggests AIG is almost there. We will maintain our $65 fair value estimate for the no-moat company and see shares as undervalued.

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