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AIG quarterly results on disaster claims



(Reuters) – American International Group Inc. reported a decline in third-quarter earnings on Thursday, hurt by losses related to storms, wildfires and the COVID-19 pandemic.

AIG, one of the largest US insurers, reported an insurance loss of $ 423 million in its third quarter general insurance business, compared to a loss of $ 249 million the year before.

The unit reported $ 790 million in disaster losses, before tax including coronavirus-related losses of $ 185 million, after windstorms and tropical storms in the Americas and Japan, as well as fires in the western United States

Global insurance companies are fighting for a sharp increase in natural disaster payments time of coronavirus-induced losses. Investment insurers relying on paying claims have also come under pressure.

Net income attributable to AIG ordinary shareholders fell to $ 281

million, or 32 cents per share, during the third quarter ending September 30, from $ 648 million or 72 cents per share, a year earlier.

On an adjusted basis, the company earned 81 cents per share and beat FactSet estimates of 54 cents per share. with 95.9 a year earlier.

AIG has used the measure to measure the success of a turnaround plan launched by CEO Brian Duperreault after taking the insurance pipe in 2017.

The company's total unit insurance was 107.2. A ratio below 100 means that the insurer earns more in premiums than it pays out in claims.

AIG last month said the board had approved a plan to separate life and pension operations from the rest of the company and appointed President Peter Zaffino as CEO, coming into force next year.

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