American International Group Inc. reported strong improvement in third-quarter profit, as it sold more property-casualty insurance at higher premium rates.
The company’s net income totaled $1.66 billion, a 490% jump over the year-earlier net of $281 million. Results in 2020 were depressed by pandemic-related shutdowns and the reluctance of many Americans to fly, which hurt AIG’s travel-insurance business. AIG had taken a $185 million third-quarter charge against earnings for estimated Covid-19 losses. The year-earlier results also were depressed by costs related to a divestiture.