Might 4 (Reuters) – American Worldwide Group Inc (AIG.N) beat market estimates for first-quarter revenue on Thursday, as file underwriting good points cushioned the blow from decrease different funding returns.
AIG, one of many world’s largest industrial insurers, mentioned internet premiums written in its common insurance coverage for the quarter ended March grew 5% to $6.97 billion.
Adjusted after-tax revenue attributable to the corporate’s frequent shareholders climbed to $1.63 per share, from $1.49 per share a 12 months in the past. Analysts on common had anticipated $1.42 per share, in accordance the Refinitiv IBES information.
Complete consolidated internet funding revenue rose 9% to $3.5 billion, partially offset by decrease different funding revenue, AIG mentioned.
Rising rates of interest and a banking disaster that led to the autumn of three U.S. lenders roiled markets and pose a danger to elements of insurers’ funding portfolio.
“The atmosphere we function in is frequently shifting and stays unstable and unpredictable…,” mentioned Chief Government Officer Peter Zaffino.
The New York-based firm’s common insurance coverage underwriting revenue rose 13% to $502 million, its strongest first-quarter underwriting outcomes, the insurer mentioned.
The final insurance coverage accident 12 months mixed ratio was 88.7%, in contrast with 89.5%, a 12 months earlier. The metric excludes disaster losses and a ratio beneath 100 signifies that the insurer earns extra from premiums than it pays out in claims.
Final month, peer insurer Vacationers Firms Inc (TRV.N) reported a fall in revenue as disaster losses soared because of storms in the US in March.
Corebridge Monetary (CRBG.N), whose largest shareholder is AIG, is about to report quarterly outcomes subsequent week.
Reporting by Siddarth S and Noor Zainab Hussain in Bengaluru; Modifying by Shailesh Kuber
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