American International Group Non-GAAP EPS of $1.36 beats by $0.08

American International Group (NYSE:AIG): Q4 Non-GAAP EPS of $1.36 beats by $0.08.
Net investment income was $3.3B, down 9% from $3.6B Y/Y, primarily due to lower alternative investment income and reductions in call and tender income.
Net premiums written decreased 6% Y/Y to $5.6B, driven by solid North America Commercial Lines growth of 3% attributed to strong new business and retention and international Commercial Lines growth of 2% on a constant dollar basis.
General Insurance adjusted pre-tax income of $1.2B, decreased by $297M Y/Y.
Life and Retirement adjusted pre-tax income of $781M, reflects lower net investment income due to lower alternative investment returns and call and tender income, partially offset by higher base portfolio income compared to the prior year quarter.
As of December 31, 2022, book value per common share was $53.83, compared to $79.97 at prior year end, driven by a reduction in accumulated other comprehensive income (AOCI) as a result of higher interest rates. Adjusted book value per common share was $73.87, an increase of 7% from December 31, 2021.
AIG repurchased $779M shares and redeemed $1.8B of senior unsecured notes in Q4