{"id":43235,"date":"2023-08-01T19:44:38","date_gmt":"2023-08-01T23:44:38","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/insurer-aig-profit-beats-estimates-on-gains-in-life-and-retirement-unit\/"},"modified":"2023-08-01T19:44:40","modified_gmt":"2023-08-01T23:44:40","slug":"insurer-aig-profit-beats-estimates-on-gains-in-life-and-retirement-unit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43235","title":{"rendered":"Insurer AIG profit beats estimates on gains in life and retirement unit"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The AIG logo is seen at its building in New York’s financial district March 19, 2015. REUTERS\/Brendan McDermid\/File Photo<\/span>
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(Reuters) – American International Group (NYSE:) exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry. <\/p>\n

AIG, one of the world’s biggest commercial insurers, said net premiums written in its general insurance arm for the quarter ended June grew 10% to $7.5 billion.<\/p>\n

Adjusted after-tax income attributable to common shareholders climbed to $1.75 per share from $1.39 a year ago. Analysts on average had expected $1.59, according to Refinitiv data.<\/p>\n

AIG’s life and retirement unit saw a 42% jump in premiums and deposits, partly helped by record sales in fixed index annuities. <\/p>\n

Total consolidated net investment income rose 37% to $3.6 billion, helped by higher income from fixed maturity securities and loan portfolios due to the higher reinvestment rates.<\/p>\n

The New York-based company’s general insurance underwriting income fell 26%, hurt by $250 million in total catastrophe-related charges mainly related to U.S. storms and Typhoon Mawar, which hit the Western Pacific Island of Guam in May.<\/p>\n

Reinsurance broker Gallagher Re preliminarily pegged global insured losses from natural hazards in the first six months of 2023 at $52 billion, while weather and climate events alone were expected to have driven an insurance bill of $46 billion.<\/p>\n

Last month, peer insurer Travelers Companies (NYSE:) reported a 98% slump in quarterly profit, as severe storms in parts of the United States caused the insurer’s catastrophe losses net of reinsurance to jump to $1.48 billion.<\/p>\n

AIG’s general insurance accident year combined ratio was 88%, compared with 88.5%, 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

AIG also said it increased its share repurchase authorization to $7.5 billion. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The AIG logo is seen at its building in New York’s financial district March 19, 2015. REUTERS\/Brendan McDermid\/File Photo (Reuters) – American International Group (NYSE:) exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter […]<\/p>\n","protected":false},"author":1,"featured_media":2857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-43235","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nInsurer AIG profit beats estimates on gains in life and retirement unit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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