“We saw the benefits of these actions in the first quarter and expect that to continue throughout the year.”

In context

“ke meaningful progress across AIG and achieve important milestones, even in the face of ongoing complexity in the insurance industry, volatile market conditions and general economic uncertainty. We continue to diligently execute on our strategic and operational priorities, which drove very strong financial results in the first quarter and are positioning AIG for long-term value creation. Here are some highlights from the first quarter. Adjusted after-tax income was $1.2 billion or $1.63 per diluted common share, representing a 9% increase year-over-year. Net investment income on a consolidated basis was $3.1 billion. In 2022, we began to take proactive steps to improve the credit quality, construction and return characteristics of our investment portfolio as well as to reduce volatility. We saw the benefits of these actions in the first quarter and expect that to continue throughout the year. Sabra will provide additional detail on net investment income in her remarks. Net premiums written in General Insurance grew 10% on a constant dollar basis and adjusted for the International lag elimination that we discussed on our last call. This growth was driven by our Commercial business. Underwriting income was approximately $500 million, a 13% increase year-over-year, which is AIG's strongest first quarter underwriting result. The accident year combined ratio, excluding catastrophes, was 88.7%, an 80 basis point improvement from prior year. Life and Retirement reported very good results, with premiums and deposits of $10.4 billion in the first quarter, a 44% increase year-over-year, supported by record sales in fixed annuity and fixed index annuity products. Net flows into the G”