November 1, 2019 / 10:48 AM / a month ago

AIG posts quarterly profit as catastrophe losses drop

Nov 1 (Reuters) - Insurer American International Group Inc on Friday posted a profit in the third quarter, compared with a year-earlier loss when it recorded more than a billion dollars in catastrophe losses.

AIG's net income attributable to common shareholders was $648 million, or 72 cents per share, in the third quarter ended Sept. 30, compared with a loss $1.26 billion, or $1.41 per share, a year earlier. reut.rs/36r6qzt

AIG’s net pretax catastrophe loss narrowed to $511 million in the quarter from $1.6 billion a year earlier.

The company, one of the largest insurers in the United States, also reported a narrower underwriting loss in its general insurance business - $249 million from $1.73 billion last year.

The insurer’s general insurance accident year combined ratio, excluding changes from losses incurred in past years, was 95.9, compared with 99.4 a year earlier. (Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D’Silva)

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