American International Group Inc. (NASDAQ: AIG) on Wednesday reported loss that was smaller than the loss in the third quarter a year earlier.
The insurance giant reported a net loss of $1.3 billion, or $1.41 per share, for the third quarter of 2018, compared to a net loss of $1.7 billion, or $1.91 per share, a year earlier. On adjusted base, the after-tax loss was $301 million, or $0.34 per share, for the third quarter of 2018, compared to an adjusted after-tax loss of $1.1 billion, or $1.22 per share, a year earlier.
Legacy Results Include Catastrophe Losses in the third quarter adjusted pre-tax income was $84 million, compared to $286 million in the same quarter last year, reflected lower net investment income, catastrophe losses in Japan was $57 million and lower gain from fair value option assets, as well as the sale of the Life Settlement portfolio in 2017.
“In the third quarter we continued to execute against our strategic priorities for delivering long-term, profitable growth,” said Brian Duperreault, President and Chief Executive Officer. “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.”