Insurance giant American International Group (AIG) Thursday reported first-quarter results, with profit increasing from last year, driven by strong underwriting income and higher premiums.
Net income for the quarter rose to $763 million or $1.41 per share, from $698 million or $1.16 per share in the prior year period.
Adjusted after-tax income increased to $1.15 billion or $2.11 per share, compared with $702 million or $1.17 per share a year ago.
The company reported strong top-line growth, with net premiums written increasing 24% year-over-year to $5.60 billion.
Underwriting income more than tripled to $774 million from $243 million, driven by lower catastrophe losses and improved underwriting results. The combined ratio improved to 87.3% from 95.8% last year.
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