AIG Sees ‘Continued Progress’ Despite P/C Underwriting Loss of $171 Million in Q4 February 17, 2021 American International Group’s property/casualty business booked a $171 million underwriting loss in the 2020 fourth quarter, barely a year after the insurer celebrated the division’s return to profitability. COVID-19 and other catastrophe losses contributed largely to the General Insurance division’s underwriting loss, versus a $12 million underwriting gain in the 2019 fourth quarter. Even so, AIG said it had some improving metrics, citing its Commercial Lines business in particular, which produced an improved business mix along with healthy rate increases. Overall, AIG lost $60 million in the fourth quarter (negative $0.07 per diluted share) and nearly $6 billion for all of 2020 (negative $6.88 per diluted share). In 2019, AIG reported fourth quarter net income of $922 million ($1.03 per diluted share), and $3.3 billion of net income ($3.74 per diluted share) for all of 2019.