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NEW YORK—American International Group Inc.'s first quarter profit rose 147.3% compared with the same quarter last year to $3.21 billion, the New York-based insurer announced Thursday.
Its Chartis Inc. property/casualty insurance unit reported net written premiums of $8.82 billion for the quarter, a 3.7% drop from the same period a year earlier. Chartis posted pretax income of $910 million for the quarter, up from a $374 million loss during the same period a year earlier. Chartis' combined ratio for the first quarter of this year improved to 102.1% from 118.6% during the same period in 2011.
“AIG has again delivered another strong quarter with our core insurance businesses all posting profits,” said AIG President and CEO Robert H. Benmosche in a statement.
“At Chartis, where we had very low natural catastrophe claims, we're already seeing the benefits of the realigned consumer and commercial geographic structure and our emphasis on growth economies,” he said.
“Chartis results also demonstrated progress in strategic initiatives to improve its mix of business, loss ratio and risk selection ultimately increasing the intrinsic value of the franchise.”
Mr. Benmosche also said AIG “will continue to make good on our promise to help the U.S. government profit from its investment in AIG. During the quarter, we retired the preferred interests of AIA Aurora L.L.C. one year ahead of schedule and achieved the milestone of reducing total outstanding or authorized U.S. government assistance by 75%.”
The U.S. government assumed a nearly 80% ownership stake in AIG in 2008 as the insurer grew lose to financial collapse.
NEW YORK—A change in the accounting standards applied to insurance companies led American International Group Inc. to post new figures for net income for 2011 and 2010.