AIG Posts Drop in First-Quarter Net Income
May 8, 2019 by David Pilla
NEW YORK – American International Group Inc. posted a drop in first-quarter net income while the general insurance unit improved its performance with a combined ratio below 100.
First-quarter net income fell to $654 million from $938 million a year ago. General insurance gross premiums written rose 11% to $10.20 billion. The general insurance combined ratio was 97.4, compared with 103.8 a year ago.
“Our first-quarter results represented strong performance, particularly in general insurance, reflecting significant foundational work throughout 2018 to position AIG for sustainable, profitable growth,” said Brian Duperreault, president and chief executive officer, in a statement. “General insurance achieved an underwriting profit driven by underwriting and expense discipline, improved business mix and reinsurance actions. We achieved an underwriting profit on a calendar year and accident year basis in the first quarter and we expect that to continue for the full year.”
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