AIG has posted net income attributable to shareholders of $1.48bn for the second quarter of 2023, down 46% compared with $2.7bn a year ago.

The insurer attributed the decline in profits to reduced gains on the Fortitude Re fund, higher catastrophic losses, and lower net favourable reserve development.

Net income per diluted share attributable to AIG common shareholders was $2.03 versus $3.43 a year earlier.

For the quarter ended 30 June 2023, pre-tax income from continuing operations fell to $1.9bn from $3.9bn a year earlier.

AIG chairman and CEO Peter Zaffino said: “Second quarter adjusted after-tax income attributable to AIG common shareholders per diluted common share was $1.75, AIG’s highest adjusted EPS since 2007, representing another significant milestone on our path toward sustainable earnings growth over the long-term.”

“Our ability to continue to grow, manage volatility and improve profitability reflects our commitment to underwriting and operational excellence.”

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The general insurance business of the company registered a 10% rise in net premiums written (NPW) to $7.5bn from $6.9bn last year. 

Gross premiums written (GPW) for the quarter was $10.4bn in the segment, up 9% from $9.6bn in the prior year quarter.

Underwriting income declined 26% to $594m from $799m last year.

The company’s life and retirement segment reported adjusted pre-tax income of $991m for the quarter, a surge of 33% versus $747m a year ago.

Total consolidated net investment income was $3.6bn for the latest quarter, marking a 37% increase from $2.6bn in the prior year quarter.

The insurer announced a quarterly cash dividend of $0.36 per common share for the quarter.