(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
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.
More insurance and risk management news about the coronavirus crisis here. Catalog