Individual and group retirement
American International Group’s (AIG) Consumer Business division reported pretax operating income of ~$1.3 billion in 2Q17 compared to $948.0 million in 2Q16. The company’s Consumer Insurance business witnessed a decline in its general operating expenses. In 2Q17, this metric stood at $701.0 million compared to $829.0 million in 2Q16.
Individual retirement premiums and deposits declined in 2Q17 compared to 2Q16, and they stood at $2.9 billion in 2Q17. In 2Q16, they reached $4.6 billion. Individual retirement policy fees rose ~7.9% on a YoY basis, mainly due to strong equity markets.
Group retirement policy fees rose in 2Q17 compared to 2Q16, mainly due to strong equity markets. Policy fees in 2Q17 stood at $101.0 million compared to $95.0 million in 2Q16. Under group retirement, net flows fell in 2Q17 compared to 2Q16. In 2Q17, net flows stood at -$200.0 million and in 2Q16, they stood at $30.0 million.