Insurer American International Group Inc reported first-quarter earnings that tr...
- Insurer American International Group Inc reported first-quarter earnings that trounced Wall Street estimates on Monday, as its general insurance business posted its first underwriting profit since the financial crisis.
Shares of the company rose more than 6 percent after Chief Executive Officer Brian Duperreault said he expects the company to record an underwriting profit for the full year. The CEO and his deputies have been telling staff to be more selective about clients and wind down or revise unprofitable policies. AIG is also buying reinsurance to mitigate losses on old business.
The accident year ratio is a measurement that Duperreault has cited as the best gauge of the unit’s long-term profitability. The number excludes catastrophe claims and reserve charges.
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