And also this week …
AIG turns losses around
AIG’s third-quarter net income rose to $455m (£272.7m), compared to a loss of $24.47bn in the same period last year. The insurer’s adjusted net income was $1.91bn, compared to a $9.24bn loss in the third quarter of 2008. AIG president and chief executive Robert Benmosche said the results reflected “continued stabilisation in performance and market trends”. Property and casualty unit Chartis, which includes AIG UK, reported a 13% decline in net premiums to $8.1bn in the third quarter of 2009.
Zurich net income up 490%
Zurich reported a 138% increase in operating profit to $1.5bn for the third quarter of 2009. The group’s net income of $909m reflected a 490% increase over the same period last year. For the nine-month period, Zurich recorded general insurance business operating profit of $4.1bn, down 3%, but an increase of 4% in local currencies. “General insurance continued to deliver a robust operating performance against the backdrop of challenging market conditions, characterised by contracting economic activity in both North America and Europe,” the insurer stated.
Aviva sales take 11% dip
Aviva announced an 11% drop in total life and investment sales to £27bn in its third-quarter management statement, released last week. General insurance figures will be provided at the end of the full year. The group said the outlook for profitability remained good. In UK general insurance, it said the focus remained on reshaping the book for sustainable profit, and admitted this had led to a reduction in premium. The combined operating ratio for the third quarter was 98%. Dutch insurer Delta Lloyd's initial public offering raised e995m (£894m) for Aviva, which sold almost 39% of its stake in the insurer.