Search
 

AIG P&C Underwriting Loss Drives Q1 Profit Down 27%

American International Groups property and casualty combined ratio will see improvement this year, Peter Hancock, CEO of AIGs P&C operations, told analysts this morning after problems at the P&C unit drove down operating income.

By Arthur D. Postal | Updated on May 06, 2014

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.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.