BofA analyst Joshua Shanker downgraded AIG (AIG) to Neutral from Buy with a price target of $77, up from $75. After a strong Q4 result in both AIG’s General Insurance business and Corebridge (CRBG), AIG “appears to be executing well operationally in nearly all its businesses,” but AIG faces a number of difficulties in 2024, the analyst tells investors. The firm expects difficult year-over-year comparables for both top line numbers and margins as 2024 results exclude the Validus reinsurance business recently sold to RenaissanceRe, while it also believes commercial P&C loss ratios have peaked, making it difficult for AIG to improve its loss ratio pro forma for the Validus sale, the analyst added.
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