For the year ended November 30, 2019, the London-based operation posted a pre-tax profit of £186.4 million. Its underwriting result amounted to £44.9 million, while its combined ratio stood at 96.4%.
In terms of net premiums written, here’s how AIG UK fared per product line:
“2019 marks the first full operational year as AIG UK, following the restructure of our business into two entities in the UK and Europe in December 2018,” noted AIG UK. “The financial results of the prior years for the UK business are embedded in the predecessor company AIG Europe Limited and as such there are no prior-year comparisons.”
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Commenting on the numbers, AIG UK chief executive Anthony Baldwin said the results reflect critical foundational work to improve underwriting fundamentals, reposition the business’s portfolio, and aggressively decrease limits, all while meaningfully reducing volatility through a reinsurance strategy described as comprehensive.
“We also instilled discipline and focus on expense management,” added Baldwin. “Strong performance from our high-growth lines, as well as improvements in the underlying quality and profitability across all our lines of business demonstrated the significant work done to optimise our portfolio.”
