BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

AIG reports big loss


Losses in its commercial property/casualty insurance results helped push American International Group Inc. to a net loss of $1.84 billion in the fourth quarter of 2015 from a net gain of $655 million a year earlier, the New York-based insurer said last week.

“Commercial insurance reported a pretax operating loss of $2.1 billion compared to pretax operating income of $1.2 billion in the prior-year quarter, primarily driven by the previously announced $3.0 billion charge for adverse prior-year loss reserve development in property/casualty and lower net investment income in property/casualty and institutional markets,” AIG said in a statement.

Net written commercial premiums declined 1.9%, to $4.60 billion, for the quarter.

Catastrophe-related losses also jumped to $213 million in the fourth quarter from $35 million during the 2014 period.

For the entire year, AIG reported net income of $2.20 billion, down 70.8% from 2014.

Net written commercial premiums dropped 2.8%, to $20.44 million, and the combined ratio deteriorated to 115.0% from 100.2%.

Read Next

  • Expanded board adds pressure to break up AIG

    Breaking American International Group Inc. into separate property/casualty, life and mortgage insurance units might be good for shareholders, but not necessarily for risk managers.