The U.S. insurer is in the middle of a turnaround after almost collapsing under the weight of soured derivative bets during the 2008 financial crisis. It has since repaid the $180 billion in bailout funds it received in 2008 and has focused on its core insurance business. Net premiums earned in its property casualty unit fell 4 percent to $8.23 billion in the first quarter ended March 31, AIG said on Monday. A combined ratio below 100 indicates an underwriting profit, meaning an insurer is receiving more in premiums than it is paying out in claims.