“Fourth quarter 2012 results included net prior year adverse development of $116 million.”
When will this need to add to old reserves end? While most P&C companies are still reducing old redundant reserves, AIG continually needs to increase them. Just how much has AIG under-reserved old losses to make past results look better than they actually were? I guess the $10 billion + added in 2009 and 2010 wasn’t enough.
“Fourth quarter 2012 results included net prior year adverse development of $116 million.”
When will this need to add to old reserves end? While most P&C companies are still reducing old redundant reserves, AIG continually needs to increase them. Just how much has AIG under-reserved old losses to make past results look better than they actually were? I guess the $10 billion + added in 2009 and 2010 wasn’t enough.
This company is completely a “cook the books” carrier and they are still buying business. Love the combined ratio also.