American International Group reported fourth quarter 2024 net income of $898 million compared to $86 million the prior year, but insurance underwriting income was down 29% on high catastrophe losses.
AIG said the dramatic increase in income for the quarter was due to high net losses from discontinued operations recorded in fourth quarter 2023. These discontinued operations from the deconsolidation of Corebridge Financial affected full year 2024 net income results, finishing at a loss of $1.4 billion compared to net income of $3.6 billion for 2023.
CEO Peter Zaffino said the insurer’s “commitment to prudently