AMERICAN International Group sailed past Wall Street estimates for third-quarter profit on Monday as the insurer benefited from strong underwriting and higher returns on investments.AIG's general insurance accident year combined ratio came in at 88.3 percent on an adjusted basis, compared with 86.9 percent, a year earlier. A ratio below 100 signifies that the insurer earned more from premiums than it paid out in claims.
AIG retains a stake in Corebridge, the life and retirement insurer it spun off in 2022.The gains in underwriting and investment income helped offset higher catastrophe losses.Insurers have faced billions in payouts in recent years as climate-related disasters intensify. The 2024 US hurricane season has been especially destructive, with major storms impacting multiple states.