First-quarter results from Bermuda-based AIG show their general insurance adjusted pre-tax income increased by $37 million to $1.2 billion from the previous quarter.

AIG chairman and chief executive officer Peter Zaffino said their life and retirement business, known as Corebridge Financial Inc., had a very strong quarter reflecting its market-leading position and promising future as a stand-alone company.

“Premiums grew 159 per cent to $2.2 billion,” he said. “Premiums and deposits grew 44 per cent to $10.4 billion supported by record sales in fixed annuity and fixed index annuity products.”

This was attributed to better underwriting results with 1.0 point of combined ratio improvement, and higher investment income on fixed maturity securities and loans, partially offset by lower alternative investment income.

The statement also showed general insurance delivered underwriting income of $502 million, representing the strongest first quarter underwriting results.

Mr Zaffino said: “AIG successfully navigated a complex environment to produce excellent first quarter results that demonstrate our ability to deliver high- quality outcomes for stakeholders, grow our business, manage volatility, and improve profitability.”