AIG Europe turns a profit in 2018

Insurance Business America | May 02, 2019

How’s this for a turnaround? After reporting a loss of £431.5 million for 2017, AIG Europe Limited (AEL), which restructured in December 2018 in preparation for Brexit, has now reported a pretax profit of £59.5 million for the twelve months to November 30, 2018. Net premium written fell to £3,787.0 million from £3,919.7 million for 2017, as the company decided to focus on key areas of growth. And while financial lines saw a 7% rise in net premiums written, this was offset by a decline in property, where premiums declined by 17%. The good news? AEL’s loss ratio improved to 73.1% from 82.5% the previous year, which according to a press release, was driven by a reassessment of risk selection and reinsurance cover. The underwriting result improved to a loss of £131.3 million from a loss of £569.9 million only 12 months before. Operating expenses were lower, while a combination of positive underwriting performance, strategic risk selection, and lower catastrophic losses resulted in a combined ratio of 103.4%.

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Has your business insurance agency crafted a policy that's CUSTOMIZED to your unique needs?  Does your agent review and update your policy each year so that it reflects new risks and policy options? The Phil Klein Insurance Group's experts will always make sure your business is properly covered and that you understand your risks and coverages before you have to use them.

Spotlight

Has your business insurance agency crafted a policy that's CUSTOMIZED to your unique needs?  Does your agent review and update your policy each year so that it reflects new risks and policy options? The Phil Klein Insurance Group's experts will always make sure your business is properly covered and that you understand your risks and coverages before you have to use them.

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