AIG reports $2.2B in third-quarter profit

American International Group Inc. reported third-quarter net income of $2.20 billion on Monday, a 3.3% increase from that of the same period a year earlier.

The insurer said net written property/casualty premiums rose 3.4% to $8.95 billion in the quarter, while its combined ratio deteriorated slightly to 102.0% compared with 101.6% in the third quarter of 2013.

For the first nine months of the year, AIG's net income dropped 5.3% to $6.84 billion. Net written property/casualty premiums rose less than 1% to $26.50 billion. The insurer's combined ratio remained virtually flat at 100.6% in the first three quarters of this year vs. 100.5% in the same period in 2013.

“The solid third quarter results were driven by consistent performance across our businesses,” said AIG President and CEO Peter Hancock in a statement. “While no one quarter is a trend, our risk-adjusted return focus could be seen in various metrics including improved accident year loss ratios, modest net spread compression, and continued capital management.”