AIG reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income.
Group operating profit fell 54% to $773 million in the first quarter, partly due to restructuring costs of $122m.
Pre-tax income in AIG’s commercial property and casualty insurance business fell 38.5% to $720m. The unit’s net investment income fell 44% to $577m.
AIG also announced it had sold a large piece of its stake in Chinese insurer PICC Property & Casualty Co to institutional investors for $1.25bn.
AIG has been selling down its PICC stake, and last year raised $1.3bn in two separate deals.
AIG has been under fire from shareholder activist Carl Icahn to sell off assets and split the group into three to return value to shareholders. In February, chief executive Peter Hancock (pictured) agreed to appoint two Icahn nominees to the AIG board.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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