• Latest
  • Trending
AIG profit beats estimates on strong underwriting gains

AIG profit beats estimates on strong underwriting gains

US FAA shifts gears on certifying future flying taxi pilots

US FAA shifts gears on certifying future flying taxi pilots

Ford sells shares in EV maker Rivian for $214 MLN

Ford sells shares in EV maker Rivian for $214 MLN

Fed’s Waller says now is the time to hit it on raising rates

Fed’s Waller says now is the time to hit it on raising rates

All the best is yet to come in Singapore: Blockchain Fest 2022

All the best is yet to come in Singapore: Blockchain Fest 2022

Swiss companies are not hoarding cash

Swiss press freedom dealt blow in bid for overhaul of bank secrecy rules

US removes Xiaomi from blacklist, reversing late China Jab by Trump

Xiaomi accuses Indian agency of physical violence threats

Meta to start testing money making tools

Meta opens access to AI large language model

Now You Can Trade Multiple Assets with Fullerton Markets

Now You Can Trade Multiple Assets with Fullerton Markets

Airbnb bets on summer of travel to drive revenue growth

Airbnb bets on summer of travel to drive revenue growth

Lifting the veil of Blockchain Fest 2022 – Cyprus

Lifting the veil of Blockchain Fest 2022 – Cyprus

Intesa CEO says committed to 2022-2025 plan’s goals

Intesa CEO says committed to 2022-2025 plan’s goals

Telefonica turns to Israel’s high-tech

Telefonica turns to Israel’s high-tech

Global Business Review Magazine
Tuesday, May 17, 2022
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

AIG profit beats estimates on strong underwriting gains

AIG profit beats estimates on strong underwriting gains

Insurer American International Group Inc reported a nearly 17% rise in quarterly profit that topped market estimates, as strong underwriting gains and lower catastrophe losses cushioned a drop in investment income. The company – one of the world’s biggest commercial insurers said that the gross premiums written in its general insurance business rose 7% in the first three months of the year to $11.51 billion.

The strong results come at a time when the insurance industry is facing hefty claims from the months-long war in Ukraine that has sparked wide-ranging sanctions. AIG, whose adjusted after-tax income attributable to the company’s common shareholder jumped to $1.07 billion, said its performance was also underpinned by focused risk selection. The company was considering cutting cover for Russia and Ukraine to shield itself from the risk of steep claims. AIG earned an adjusted profit of $1.30 per share.

YOU MAY ALSO LIKE

Fed’s Waller says now is the time to hit it on raising rates

Now You Can Trade Multiple Assets with Fullerton Markets

The company also benefited from a sharp narrowing of catastrophe losses in its general insurance unit, mirroring a trend seen at sector bellwether Travelers Companies Inc. The insurance industry was over the past two years inundated with claims from businesses losing revenue due to the pandemic crisis. The general insurance accident year combined ratio came in at 89.5%, compared with 92.4% 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. AIG reported an 11% fall in consolidated net investment income as the market rout caused by the Ukraine crisis and the Federal Reserve’s aggressive policy tightening hit its portfolio.

Tags: AIGfinanceInsurance
ShareTweetShare
Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • US FAA shifts gears on certifying future flying taxi pilots
  • Ford sells shares in EV maker Rivian for $214 MLN
  • Fed’s Waller says now is the time to hit it on raising rates
  • All the best is yet to come in Singapore: Blockchain Fest 2022
  • Swiss press freedom dealt blow in bid for overhaul of bank secrecy rules

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2022 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version