Brian Duperreault Declares 2018 ‘Year of The Underwriter'”
Yesterday AIG reported a net loss of $1.7B for the third quarter of 2017, compared to net income of $462M in the prior-year quarter. After-tax operating loss was $1.1B for the third quarter of 2017, compared to after-tax operating income of $1.1B in the prior-year quarter.
“In the third quarter, the insurance industry witnessed unprecedented catastrophic events. AIG’s resilience in the wake of these events reflects the strength of our balance sheet and capital position. I am extremely proud of our response and commitment to our customers, as well as the assistance our colleagues provided to the communities most affected by these events. We also strengthened reserves based on additional information that became available in the third quarter through our quarterly reserve review, which primarily related to the 2016 accident year. We are laser focused on commercial underwriting and taking actions to enhance underwriting tools and, more importantly, our talent base – so much so that I have declared 2018 the ‘Year of the Underwriter’ . With this increased focus on underwriting, and our recently announced changes to AIG’s operating structure and executive leadership, we will continue to execute on our strategy to better position AIG for long term profitable growth” – President and Chief Executive Officer Brian Duperreault.
Recall: AIG recently restructured to operate under three business units General Insurance, led by Peter Zaffino, as CEO; Life & Retirement, led by Kevin Hogan, CEO; and a stand-alone, technology-enabled platform Blackboard, led by Seraina Macia, CEO.