American International Group (AIG) has posted a net loss of $1.3bn for the third quarter of 2018, compared to a net loss of $1.7bn a year ago.
The insurer said that reinsurance agreements enabled it to offset catastrophe losses in Japan and North America and led to reduction in losses.
For the quarter ended 30 September 2018, AIG’s adjusted after-tax loss stood at $301m, compared to an adjusted after-tax loss of $1.1bn in the prior-year quarter.
AIG president and CEO Brian Duperreault said: “In the third quarter we continued to execute against our strategic priorities for delivering long-term, profitable growth.
“While managing a significant number of global catastrophic events, General Insurance continued to make progress against key initiatives, including improving underwriting capabilities, repositioning reinsurance structures, adding world class talent and driving efficiencies.
“We remain on track to produce an underwriting profit. Life and Retirement achieved increased sales and solid double digit returns, reflecting the strength of our product expertise and distribution networks.”
AIG’s general insurance business registered an $825m adjusted pre-tax loss, a decrease of 72% compared to a loss of $2.93bn in the comparable year ago period.
The company reported that its underwriting income fell to $1.73bn from $3.8bn a year ago.
Adjusted pre-tax income from the life and retirement business decreased 38% year-on-year to $713m.