AIG 2015 Annual Report Download - page 83

ITEM 7 / RESULTS OF OPERATIONS / COMMERCIAL INSURANCE

83
Property net premiums written increased in 2015 compared to 2014, primarily due to strong growth in new business across all
regions.
Specialty net premiums written increased in 2015 compared to 2014, primarily due to new business increases related to
targeted growth products across all regions, partially offset by a decrease in certain classes of business, particularly in the U.S.
as a result of the effect of our strategy to enhance risk selection.
Financial lines net premiums written increased in 2015 compared to 2014 primarily due to strong growth in new business and
higher retention related to targeted growth products across all regions. Additionally, 2015 reflected the first quarter renewal of a
multi-year E&O policy in the U.S.
2014 and 2013 Comparison
Property Casualty net premiums written increased in 2014 compared to 2013, reflecting increases in new business related to
targeted growth products in Property and Financial lines. The following paragraphs discuss the changes within our lines of
business exclusive of the effect of foreign exchange.
Casualty net premiums written decreased in 2014 compared to 2013 primarily due to the effect on renewals from our strategy
to enhance risk selection, particularly in the Americas. Strong growth and new writings in certain lines of business, particularly
in EMEA, were more than offset by the declines in the Americas.
Property net premiums written increased in 2014 compared to 2013 primarily due to new business increases in targeted
growth products, and optimization of Property Casualty’s reinsurance structure as part of its decision to retain more favorable
risks while continuing to manage aggregate exposure.
Specialty net premiums written decreased slightly in 2014, compared to 2013 primarily reflecting lower retention and rate
decline in the EMEA region. This decline was largely offset by new business increases related to targeted growth products,
including growth in small- and medium-sized enterprise markets in the Americas region.
Financial lines net premiums written increased in 2014, compared to 2013 reflecting growth in new business related to
targeted growth products across all regions, as well as a favorable rate environment in the U.S.
Property Casualty Net Premiums Written by Region
The following table presents Property Casualty’s net premiums written by region:
Years Ended December 31, Percentage Change in Percentage Change in
U.S. dollars Original Currency
(in millions) 2015 2014 2013 2015 vs. 2014 2014 vs. 2013 2015 vs. 2014 2014 vs. 2013
Property Casualty:
Americas $13,572 $ 13,799 $ 14,050 (2)% (2) % (1)% (2)%
Asia Pacific 1,936 2,029 2,035 (5) - 7 5
EMEA 4,928 5,192 4,795 (5) 8 6 7
Total net premiums written $20,436 $ 21,020 $ 20,880 (3)% 1 % 2 % 1 %