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American International Group Inc. reported in its recently released 2010 results that since 2007 its property/casualty insurer operations have shed 55% of the company’s net premiums in excess casualty, primary and excess work comp lines.
Its excess workers comp net premiums written dropped to 0.3% of its total in 2010 from 0.6% in 2006. Specialty workers comp dropped to 2.5% in 2010 from 11.9% in 2006.
The company previously stated that it was moving away from unprofitable business.
Overall, Chartis' net written premiums declined 2.6% for the year, to $29.87 billion, and fell 3.3% for the quarter, to $6.7 billion. AIG’s fourth quarter 2010 results are available here.
AIG said its results reflect $4.2 billion of reserve strengthening in the fourth quarter for its Chartis Inc. property/casualty operations. About 80% of the reserve charges were for asbestos, excess casualty, excess work comp, and primary work comp lines.