AIG Reports Slight Rise in Third-Quarter Net Income
November 4, 2014 by Michael Buck
NEW YORK – American International Group Inc. saw its third-quarter net income rise 1% to $2.2 billion as its property/casualty, and life and retirement units posted higher pretax income, according to a statement.
AIG Property Casualty reported a 3.4% rise in net premiums written compared with a year ago to about $9 billion, and a 4.3% rise in net investment income to $1.26 billion, the company said. However, the unit saw its underwriting loss widen to $169 million, from $134 million a year ago. Its pretax income rose 7.2% to $1.2 billion. AIG Life and Retirement saw its total revenues rise 4.3% from a year ago to $4.4 billion. It saw its pretax income rise 55.6% to $1.9 billion.
The company had many management changes during the third quarter, during which it saw the official transition to Hancock Sept. 1, following the retirement of former CEO Robert Benmosche. The company also announced a new leadership structure for the company following the departure of AIG Life and Retirement President and CEO Jay S. Wintrob (Best’s News Service, Sept. 19, 2014).
“I am excited to lead AIG forward and further build on our capabilities to serve all our stakeholders,” Hancock said in his statement. “Our new management structure brings together a team that has the skill set, experience, and commitment to execute on our strategies and serve our customers around the world.”
Rated AIG companies currently have a Best’s Financial Strength Rating of A (Excellent). Shares of American International Group (NYSE: AIG) closed trading Nov. 3 at $53.80, up 0.43% from the previous close.