AIG Boosts Profits as Catastrophe Losses Fall and Rates Rise

Prudential suffered a loss.


Jose A. Alvarado Jr. for The Wall Street Journal

Global insurance conglomerate American International Group Inc.

AIG 0.80%

posted strong gains in first-quarter profit, benefiting from reduced catastrophe losses, new business growth and premium rate increases.

Another of the country’s largest publicly traded insurers, Prudential Financial Inc.,

ERP 1.22%

posted a net loss of $31 million for the quarter, compared to net profit of $2.83 billion a year earlier, while its closely watched operating profit fell 25% to $1.22 billion of dollars. The large life insurer recorded net realized losses on investments and related charges reflecting rising interest rates during the period, while the prior year quarter included substantial gains on realized investments, among other year-to-year differences.

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