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Hurricane losses weigh on AIG

Catastrophe losses of $3 billion before tax, caused primarily by hurricanes Harvey, Irma and Maria, impacted American International Group's third-quarter earnings.

The company reported a net loss of $1.7 billion, or $1.91 per share. That compares with a $462 million profit in the same period last year.

After-tax operating loss was $1.1 billion, or $1.22 per share.

Brian Duperreault, president and CEO, said: “In the third quarter, the insurance industry witnessed unprecedented catastrophic events. AIG's resilience in the wake of these events reflects the strength of our balance sheet and capital position.

“I am extremely proud of our response and commitment to our customers, as well as the assistance our colleagues provided to the communities most affected by these events.

“We also strengthened reserves based on additional information that became available in the third quarter through our quarterly reserve review, which primarily related to the 2016 accident year.

“We are laser focused on commercial underwriting and taking actions to enhance underwriting tools and, more importantly, our talent base — so much so that I have declared 2018 the ‘Year of the Underwriter.'

“With this increased focus on underwriting, and our recently announced changes to AIG's operating structure and executive leadership, we will continue to execute on our strategy to better position AIG for long-term profitable growth.”

Catastrophe losses: AIG has reported a net loss of $1.7 billion for the third quarter

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Published November 02, 2017 at 9:24 pm (Updated November 03, 2017 at 12:09 am)

Hurricane losses weigh on AIG

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