“In the near term, we will accelerate share repurchases in the fourth quarter and into 2024 with the additional liquidity from Validus proceeds, in addition to ordinary course liquidity generated by our business operations through subsidiary dividends and ongoing profitability.”

In context

“continue to target debt leverage in the low 20s post deconsolidation of Corebridge. At June 30, consolidated debt and preferred stock to total capital, excluding AOCI, was 26.0%, including about $9.4 billion of Corebridge debt. Book value per common share was $58.49 on June 30, 2023, up 6% from year-end. Adjusted book value per common share was $75.76 per share, flat from year-end. Turning to ROCE. We remain intently focused and are making progress on achieving a 10%-plus adjusted ROCE post deconsolidation. Year-to-date, annualized adjusted ROCE for AIG was 9.1% on a consolidated basis and 11.8% in General Insurance and 11.4% in Life and Retirement. Capital management and rightsizing our equity base for AIG post deconsolidation are material levers for achieving our adjusted ROCE goal. In the near term, we will accelerate share repurchases in the fourth quarter and into 2024 with the additional liquidity from Validus proceeds, in addition to ordinary course liquidity generated by our business operations through subsidiary dividends and ongoing profitability. We will balance these share repurchases with additional debt reduction consistent with our leverage target. We are committed to achieving a share count between 600 million and 650 million shares post deconsolidation, which we will be able to achieve with the increase in our share repurchase program to $7.5 billion. Based on the size, risk profile and profitability of our General Insurance business and holding company needs today, we estimate a pro forma GAAP equity base, excluding AOCI, of approximately $40 billion for AIG ex-Corebridge. This is inclusive of about $4 billion in deferred tax asset NOLs that we exclude for adjusted common shareholders' equity calculation. Considering this equity level and our plans to simplify AIG's business and operational structure, reduce volatilit”