In Q2, the general insurance of AIG saw a 10% rise in written net premiums. Credit: JHVEPhoto / Shutterstock.com.

AIG has posted net income attributable to shareholders of $1.48bn for the second quarter of 2023, down 46% compared with $2.7bn a year ago.

The insurer attributed the decline in profits to reduced gains on the Fortitude Re fund, higher catastrophic losses, and lower net favourable reserve development.

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Net income per diluted share attributable to AIG common shareholders was $2.03 versus $3.43 a year earlier.

For the quarter ended 30 June 2023, pre-tax income from continuing operations fell to $1.9bn from $3.9bn a year earlier.

AIG chairman and CEO Peter Zaffino said: “Second quarter adjusted after-tax income attributable to AIG common shareholders per diluted common share was $1.75, AIG’s highest adjusted EPS since 2007, representing another significant milestone on our path toward sustainable earnings growth over the long-term.”

“Our ability to continue to grow, manage volatility and improve profitability reflects our commitment to underwriting and operational excellence.”

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The general insurance business of the company registered a 10% rise in net premiums written (NPW) to $7.5bn from $6.9bn last year. 

Gross premiums written (GPW) for the quarter was $10.4bn in the segment, up 9% from $9.6bn in the prior year quarter.

Underwriting income declined 26% to $594m from $799m last year.

The company’s life and retirement segment reported adjusted pre-tax income of $991m for the quarter, a surge of 33% versus $747m a year ago.

Total consolidated net investment income was $3.6bn for the latest quarter, marking a 37% increase from $2.6bn in the prior year quarter.

The insurer announced a quarterly cash dividend of $0.36 per common share for the quarter.