AIG

The pullback goes beyond California and Florida as insurers face climate risks and inflation. The pullback goes beyond California and Florida as insurers face climate risks and inflation. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the…

American International Group showed continued improvement in its core business-insurance operations, but a weaker and shrinking share of income from a life-insurance unit being divested kept its operating income relatively flat. AIG ’s so-called adjusted after-tax income, which excludes items judged nonrecurring and noneconomic, dropped 1.4% to $1.21 billion from $1.23 billion, although on a per-share basis, which is what Wall Street analysts closely watch, it rose 9.4% to $1.63. The per-share gain…

Military tech executives and experts speaking before the Senate Armed Services Committee Wednesday said growing calls for a “pause” on new artificial intelligence systems were misguided and seemed “close to impossible” to enact. The experts, who spoke on behalf of two military tech companies as well as storied defense contractor the Rand Corporation, said Chinese AI makers likely wouldn’t adhere to a pause and would instead capitalize on a development lull to usurp the United States’ current lead in the international AI…

Even before Trafigura Group said phony nickel shipments could cost it up to $577 million, some people and businesses had decided to steer clear of both Prateek Gupta—the businessman Trafigura says is responsible for the alleged misconduct—and a Swiss firm Mr. Gupta had acquired.Commodity-trading giant Trafigura has accused Mr. Gupta and related companies of committing “systematic fraud.” It says it agreed to buy nickel—a hot commodity, due to the electric-vehicle boom—but instead received other, cheaper cargoes. The Wall…

China is turning to an old friend in corporate America to bolster communications with the U.S., as President Xi Jinping tries to stabilize the bilateral relationship while gearing up for greater competition between the two powers.A few days before Mr. Xi’s summit last week with President Biden, according to people with knowledge of the matter, Beijing dispatched a delegation of senior policy advisers and business executives to New York to meet with a U.S.…

The two big insurers faced different challenges in the difficult quarter. Prudential’s so-called adjusted operating income slid 46% to $803 million from $1.49 billion, and it swung to a loss of $284 million on a net basis, from net of $1.53 billion in the year-earlier period.  The insurer largely blamed rising interest rates for $1.46 billion of  pretax net realized investment losses and related charges and adjustments. About $100 million of pretax losses came from divested and runoff businesses.…