- Forget the headline, Q3 earnings were a "core miss," says Goldman's Michael Nannizzi, with poor life and P&C results offset by mark-to-market gains and a lower effective tax rate. P&C operating income of $1.044B was well short of his $1.388B estimate as the underlying combined ratio fell to just 98% vs. his hoped-for 96.7%.
- Also disappointed with underwriting results, BMO Capital says improvement will continue, but concedes the rebound will take another quarter or two to play out. The team lowers its earnings estimates, but sticks with its Buy rating and $57 price target.
- AIG +0.6% premarket after Friday's washout.
- AIG earnings coverage.
- CC transcript.
Sell-side focused on weak underwriting results at AIG
Nov 4 2013, 09:11 ET