Global insurance conglomerate American International Group Inc. posted strong gains in first-quarter profit, benefiting from reduced catastrophe losses, growth in new business and premium-rate increases.
Another of the biggest publicly traded insurers, Prudential Financial Inc., swung to a $31 million net loss for the quarter from a year-earlier $2.83 billion net profit, while its closely watched operating income fell 25%, to $1.22 billion. The life insurer booked net realized investment losses and related charges reflecting rising interest rates during the period, while the year-earlier quarter included substantial realized investment gains, among other year-over-year differences.
