American International Group (AIG) reported a 28% decline in its underwriting income for the general insurance segment in the third quarter, bringing the total to $437 million. This decrease was primarily due to higher catastrophe losses and reduced favorable development on prior year reserves. AIG’s net income attributable to common shareholders also fell significantly, from approximately $2 billion last year to about $459 million this quarter, partly due to a decrease in income from discontinued operations. Despite the losses, the company highlighted a 14% increase in net investment income and a solid performance in high-net-worth insurance business, which drove growth in net premiums written.
