November 10, 2008 by Canadian Underwriter
American International Group, Inc. has reported a net loss of US$24.47 billion for 2008 Q3, compared to a net income of US$3.09 billion in 2007 Q3.
AIG’s results in the third quarter were negatively affected by financial dislocation in global markets, as well as catastrophic losses and charges related to ongoing restructuring related activities, according to AIG’s release.
Net premiums written for the company’s general insurance operations were US$11.7 billion for 2008 Q3, compared to US$11.8 billion in 2007 Q3.
The company reported a quarterly underwriting loss of US$1.6 billion, compared to an underwriting profit of US$1.1 for the same three months in 2007.
The general insurance operations reported a combined ratio of 113.61% for 2008 Q3, compared to 90.17% for 2007 Q3.
AIG’s general insurance division reported a 2008 Q3 operating loss before net realized capital gains (losses) of USD$899 million. This compares with a profit of US$2.51 billion in 2007 Q3.
The company’s 2008 Q3 loss ratio was 82.28%, compared to 64.64% in 2007 Q3.