AIG more than doubled profit to $US9.09 billion ($10.05 billion) last calendar year, but the group has signalled further cost cuts.

The full-year result grew 164%, while fourth-quarter profit was $US1.98 billion ($2.19 billion) compared with a $US3.96 billion ($4.38 billion) loss in the corresponding period of 2012, when Superstorm Sandy and losses on an asset sale hit the result.

Pre-tax profit from property and casualty grew to $US5.13 billion ($5.67 billion) for the year from $US2 billion ($2.2 billion), but the operation reported an underwriting loss of $US455 million ($502.79 million).

The division’s combined operating ratio improved to 101.3% from 108.5%.

AIG says it continues to reduce expenses by centralising functions in lower-cost locations and creating a more streamlined organisation.

President and CEO Robert Benmosche says strong fourth-quarter and full-year results illustrate the earning power of the insurance operations.

“I am confident we have positioned ourselves for strong growth and profitability in all of our operating businesses,” he said.

The AIG Life and Retirement arm’s pre-tax profit jumped 72% to $US6.5 billion ($7.18 billion) on a 5% increase in revenue to $US17.69 billion ($19.55 billion).