American International Group (AIG) reported strong underwriting and investment results in in its General Insurance and its Life and Retirement divisions, despite catastrophe losses from winter storms and Covid-19 mortality claims.
For the first quarter, net income was $3.9 billion compared to $1.7 billion in the prior year quarter. AIG said the increase was primarily due to higher net investment income.
General Insurance, which includes North American and International commercial and personal lines insurance, reported adjusted pre-tax income was up 69% to of $845 million. The quarter saw growth in net premiums (up 9% to $6.5 billion) and underwriting income ($73 million compared to an underwriting loss of $87 million in the prior year quarter). Also, net investment income increased 31% to $772 million from the prior year quarter.