AIG reports $2.2 billion in third-quarter profit
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American International Group Inc.'s net income for the third quarter rose 16% over the same period a year ago to $2.2 billion, AIG said Thursday.
Net written premiums for the insurer's property/casualty operations for the July-through-September quarter dropped less than 1% to $8.67 billion. Total revenue for company dropped 1.1% to $14.85 billion. The property/casualty operations' combined ratio improved to 101.6% from 105.0 during the same period in 2012.
For the nine months ending Sept. 30, net income dropped 6.9% from the prior-year period to $7.12 billion. AIG's property/casualty operations' net written premiums rose 1% from the first nine months of 2012 to $16.0 billion. Total revenue fell 4.8% to $48.03 billion. The combined ratio for AIG's property/casualty operations in the first nine months of 2013 improved to 100.5%, from 103.2% during the same period a year earlier.
“AIG's solid performance this quarter underscores the strong fundamentals of our businesses and builds upon the momentum that we generated in the first half of this year,” AIG President and CEO Robert H. Benmosche said in a statement. “Our insurance operations reported improved pretax operating profits this quarter from the third quarter of 2012, and we continue to remain optimistic about the future.”
