AIG’s general insurance first-quarter combined operating ratio improved a point to 91.9% as underwriting income hit $US502 million ($743.23 million) – its strongest ever January-March period.  
Net premiums written increased 5% from a year earlier to $US6.97 billion ($10.31 billion).

Chairman and CEO Peter Zaffino says AIG “successfully navigated a complex environment to produce excellent first quarter results”. 

"We continue to execute on achieving underwriting and operational excellence, and capital and investment management strategies,” he said.

The company’s net income plunged to $US23 million ($34.05 million), from $US4.2 billion ($6.21 billion) a year earlier, due to realised losses on Fortitude Re funds withheld embedded derivative and lower alternative investment income.

The adjusted accident year combined ratio (AYCR) stands at 88.7%, an improvement of 0.8 points for a fifth consecutive year of margin improvement. 

At AIG’s Life and Retirement division, known as Corebridge Financial, premiums grew 159% to $2.2 billion ($3.25 billion).