AIG’s Profits Beat Expectations, Fueled by Underwriting Gains

American International Group Inc.’s third-quarter profit beat Wall Street’s expectations, increasing year-over-year despite losses from its separation of Corebridge Financial Inc.

Adjusted after-tax income was $1.2 billion — or $2.20 per diluted common share, up 77% year-over-year, the insurer said in a statement Tuesday. This topped the $1.72 average estimate of analysts surveyed by Bloomberg.

AIG also separately said it would seek to sell 32.6 million shares of Corebridge.

“This significant growth reflects AIG’s strength in underwriting, the focused repositioning of our investment portfolio, our expense management and our disciplined deployment of capital,” Chief Executive Officer Peter Zaffino ...