{"id":34809,"date":"2023-05-04T20:20:59","date_gmt":"2023-05-04T20:20:59","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/insurer-aig-exceeds-profit\/"},"modified":"2023-05-04T20:24:31","modified_gmt":"2023-05-04T20:24:31","slug":"insurer-aig-exceeds-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/insurer-aig-exceeds-profit\/","title":{"rendered":"Insurer AIG exceeds profit estimates on strong underwriting gains"},"content":{"rendered":"<p>(Reuters) &#8211;     American International Group Inc beat market estimates for first-quarter profit on Thursday, as record underwriting gains cushioned the blow from lower alternative investment returns.<\/p>\n<p>AIG, one of the world&#8217;s biggest commercial insurers, said net premiums written in its general insurance for the quarter ended March grew 5% to $6.97 billion.<\/p>\n<p>Adjusted after-tax income attributable to the company&#8217;s common shareholders climbed to $1.63 per share, from $1.49 per share a year ago. Analysts on average had expected $1.42 per share, according the Refinitiv IBES data.<\/p>\n<p>Total consolidated net investment income rose 9% to $3.5 billion, partially offset by lower alternative investment income, AIG said.<\/p>\n<p>Rising interest rates and a banking crisis that led to the fall of three U.S. lenders roiled markets and pose a risk to parts of insurers&#8217; investment portfolio.<\/p>\n<p>&#8220;The environment we operate in is continually shifting and remains volatile and unpredictable&#8230;,&#8221; said Chief Executive Officer Peter Zaffino.<\/p>\n<p>The New York-based company&#8217;s general insurance underwriting income rose 13% to $502 million, its strongest first-quarter underwriting results, the insurer said.<\/p>\n<p>The general insurance accident year combined ratio was 88.7%, compared with 89.5%, a year earlier. The metric excludes catastrophe losses and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims.<\/p>\n<p>Last month, peer insurer Travelers Companies Inc reported a fall in profit as catastrophe losses soared due to storms in the United States in March.<\/p>\n<p>Corebridge Financial, whose largest shareholder is AIG, is set to report quarterly results next week.<\/p>\n<p \/>\n<p> (Reporting by Siddarth S and Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/insurer-aig-exceeds-profit\/file-photo-the-aig-logo-is-seen-at-its-building\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430V0-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ430V0-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; American International Group Inc beat market estimates for first-quarter profit on Thursday, as record underwriting gains cushioned the blow from lower alternative investment returns. AIG, one of the world&#8217;s biggest commercial insurers, said net premiums written in its general insurance for the quarter ended March grew 5% to $6.97 billion. Adjusted after-tax income [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":34810,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-34809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430V0-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=34809"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34809\/revisions"}],"predecessor-version":[{"id":34811,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34809\/revisions\/34811"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/34810"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=34809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=34809"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=34809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}