AIG pulling back on underpriced property business as commercial market softensAmerican International Group is shrinking parts of its property portfolio as commercial insurance pricing becomes increasingly competitive, even as the insurer continues to find profitable growth opportunities in casualty and other lines, new President and CEO Eric Andersen said Friday. AIG reported second-quarter General Insurance underwriting income of $686 million, up 10% from a year earlier, while the combined ratio improved to 89.0% from 89.3%. General Insurance net premiums written increased 9% to $7.52 billion and gross premiums written rose 9% to $10.94 billion. North America commercial net premiums written increased 9% to $3.13 billion, while underwriting income rose 24% to $372 million. Global Personal net premiums written increased 7% to $1.80 billion.