AIG Europe (AEL) made a pre-tax profit of £59.5m for the 12 months to 30 November 2018, according to a statement about its financial result.
This represents a vast improvement on the losses of £431.5m the previous year.
The combined operating ratio (COR) also improved more than 10% from 114.6% in 2017 to 103.4%.
The business also saw net written premium fall from £3.91bn to £3.78bn.
AIG detailed that this change reflected a “decision to focus on core areas of growth. Financial Lines
The Insurance Age team examine the most read stories for the week commencing 3 June 2019.Subscribe to our daily newsletter for all the latest news
- GRP-owned Sagars buys Thomas Cook
- Three directors out as Policy Expert buys loss-making Sure Thing!
- Hiscox creates Cyber Exposure Calculator
- PIB's £50m spending on brokers in 2018 revealed
- Insurers could face fines for £4bn dual pricing "rip off"
- Markel launches tech sector proposition
- Zurich-owned N&G launches new small craft product