(Reuters) – American International Group Inc. exceeded third-quarter market estimates as its general insurance business was hit by fewer natural disasters and covid-19 pandemic-related claims.
its general insurance business, compared to a loss of $ 423 million in the previous year.
The company recorded catastrophic losses of $ 628 million, mainly from Hurricane Ida and floods in the UK and Europe. That compared to $ 790 million last year, which included $ 185 million in estimated losses of covid-19.
Global insurance companies last year faced a sharp increase in payments related to the health crisis, but a wider availability of covid-1
AIG earned 97 cents per share on a adjusted basis, beating analysts' estimates of 88 cents, according to Refinitiv.
A ratio below 100 means that the insurer earns more in premiums than it pays in damages.
Gross premium income increased by 13% to USD 8.3 billion in general insurance operations.
AIG's life and pension unit po set a 13% decrease in adjusted income before tax to $ 877 million.
The company said that the planned listing of the unit, in which Blackstone Group has acquired a significant stake, was on track for 2022.