Chartis turns from loss to profit
American International Group (AIG) has revealed that subsidiary insurer Chartis, the general insurance arm of the global business, made an operating profit of $1.12bn (£709m) in 2011 reversing its loss of $1.07bn the previous year.
The results for the year ended 31 December 2011 also showed a 10.2% rise in gross written premiums to $34.84bn (£22.05bn) with an improved combined operating ratio of 109% (2010: 116.8%).
A breakdown of the figures showed that Chartis increased its commercial net written premiums by $1bn to $21.47bn compared to the previous year, while operating income soared from $67m to $744m in 2011.
However the commercial COR remained in three figures at 111.2% (2010: 115.3%).
For personal lines business the
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