AIG’s Profits Grow as Insurer Builds Back Property-Casualty Unit

AIG’s latest quarter included tornadoes, wildfires and Typhoon Hagibis, but catastrophe costs still fell far short of the year-earlier tally

Global insurance conglomerate American International Group Inc. swung to a fourth-quarter profit, the latest big insurer to post improved results due to lower catastrophe claims.

The insurer is gaining ground in a multi-year turnaround effort to overhaul its commercial property-casualty insurance business. For the fourth straight quarter, this core unit turned a profit and showed other operational improvement. The New York company posted overall quarterly net profit of $922 million, reversing a year-earlier loss of $622 million.

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