AIG’s non-US operations show narrower losses, but premiums fall and COR widens
AIG’s international general insurance business reported an adjusted pretax loss of $399m for the fourth quarter, an improvement on the loss of $441m it reported a year earlier.
Net premiums written were $3.3bn, down from $3.5bn, with personal lines falling to $1.9bn from $2.0bn, and commercial lines declining to $1.4bn from $1.5bn.
The international GI business saw its combined ratio widen slightly to 114.5% from 114.4%, with the accident year combined ratio widening to 107.5% from 102.0%.
The wider AIG group reported a net loss of $6.7bn for the fourth quarter, compared with a $3.0bn loss the same quarter a year earlier.
The results included a charge of $6.7bn resulting from the US tax reforms.
The company said adjusted after tax income was $526m, compared with an equivalent after tax loss of $2.8bn a year earlier.
“Since I joined the company in May, we’ve added to our talent base, assessed and initiated underwriting actions, and established a new operating structure. 2017 represents a starting point from which we expect to build and 2018 will be a year of execution, said president and chief executive Brian Duperreault.
Fourth quarter and full year results were “significantly impacted” by catastrophe losses totalling a record $4.2bn, Dupperault said.
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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