American International Group's property and casualty combined ratio will "see improvement" this year, Peter Hancock, CEO of AIG's P&C operations, told analysts this morning after problems at the P&C unit drove down operating income.
Underwriting profits swung from a gain of $232 million in Q1 2013 to a loss of $97 million in this year's first quarter, and net premiums earned fell 4% to $8.23 billion. The underwriting loss was in part due to severe losses in international commercial and North American consumer activities, partially offset by improvements in international consumer operations.
The life operations, however, did well, delivering over $1.4 billion of operating earnings, the highest level of quarterly earnings in our history, AIG officials said.
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