AIG cat claims lower by more than a billion but still remains in the red on underwriting
AIG made an $249m underwriting loss in the third quarter, despite lower catastrophe claims.
The underwriting loss was an improvement on the $1.7bn loss in the same period last year.
Revenues were down 1% to $8.58bn.
General insurance was boosted by much lower catastrophe experience, with losses coming in at $497m compared to $1.56bn last year.
Combined ratio was 103.7% compared to 124.4%.
Chief executive Brian Duperreault remained upbeat.
He said: “Results are in line with our expectations, particularly in General Insurance, which demonstrated a significant improvement over the prior-year quarter driven by our focus on underwriting excellence, expense discipline and enhanced reinsurance strategy.”
AIG bosses have been criticised for taking home more pay than peers, despite worse performance.
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