AIG International posts 2010 Q1 profit of $1.5 billion

American International Group Inc. (AIG) has reported a 2010 Q1 profit of $1.5 billion, up considerably from a net loss of $4.4 billion in 2009 Q1.
AIG’s continuing insurance operations earned $2.2 billion before tax in the first quarter of 2010, compared to $908 million in the first quarter of 2009.
“Despite $481 million of catastrophe losses in 2010, [AIG’s] general insurance [division] earned $879 million in the quarter, compared to $710 million in the first quarter of last year, benefiting from improved investment performance,” the company announced.
Chartis’ improvement in net investment income was primarily due from the recovery of partnership income.
The catastrophe losses included the Chile earthquake and other natural events, compared to the prior year period in which no catastrophe losses were incurred, the company said.
The 2010 Q1 combined ratio was 102.5% compared to 96.7% in the prior-year period.
Chartis recorded net premiums written of $7.6 billion in the first quarter of 2010, a 1.1% decrease from 2009 Q1.