Profits down 54% at AIG despite P&C improvement

First quarter operating profits at AIG more than halved from $1.7bn
to $773mn despite a modest improvement in the combined ratio of its
core P&C commercial insurance business.
At $0.65 a share, operating profits were well below the $1.00 a
share consensus forecast from Wall Street analysts.
The fall in profits was partly the result of significantly lower
investment income in the P&C unit, which dropped by 44 percent
to $577mn.
There was also evidence of the casualty reinsurance agreement