AMERICAN INTERNATIONAL GROUP, INC.
AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) to 'a+' (Excellent) from 'a' Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of
The outlook of the Long-Term ICRs has been revised to stable from positive, while the outlook of the FSR is stable. At the same time, AM Best has upgraded the Long-Term ICR to 'bbb+' (Good) from 'bbb' (Good) of AIG (headquartered in
The Credit Ratings (ratings) of AIG PC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM). AIG PC's risk-adjusted capital position remains at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), benefiting from improving underwriting performance, while also benefiting from strong reinsurance support from highly rated reinsurers.
AM Best assesses AIG PC's operating performance as adequate. The group's historical combined and operating ratios have lagged composite peers. However, the upgrading of the Long-Term ICR recognizes AIG PC's operating performance, which has demonstrated a steady and consistent improving trend in recent years, attributable to numerous underwriting and risk management initiatives, as well as continuing positive pricing momentum in most key business lines. Operating performance metrics are now comparable to similarly rated peers. AIG PC's business profile is assessed as favorable, considering its market position and presence in domestic and global markets. The group has deep expertise in its commercial lines and utilizes many diverse distribution channels.
The Long-Term ICRs have been upgraded to 'a+' (Excellent) from 'a' (Excellent) and the FSR of A (Excellent) has been affirmed, with the outlook for the Long-Term ICRs revised to stable from positive and the FSR outlook maintained at stable for the following P/C subsidiaries of AIG, which are collectively referred to as the AIG PC:
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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