AIG recorded a fourth-quarter loss of $US622 million ($873.88 million), improving on its $US6.7 billion ($9.41 billion) deficit in the corresponding period of 2017.

CEO Brian Duperreault says “significant” work was undertaken last year to fix the global insurer’s underwriting capabilities.

General insurance net written premium improved to $US6.42 billion ($9.02 billion) from $US5.89 billion ($8.28 billion).

The combined operating ratio deteriorated to 115% from 113.3%.

Net written premium in the North American general insurance division improved to $US2.94 billion ($4.13 billion) from $US2.58 billion ($3.62 billion), mainly due to the acquisition of reinsurer Validus and broker Glatfelter. Commercial lines recorded a 20% jump in net premium to $US2.16 billion ($3.03 billion).

Life insurance premium and fees were up only 1% to $US741 million ($1.04 billion) in the quarter.