AIG reports Q2 profits
American International Group, Inc. (AIG) has reported its financial results for the second quarter of the year, and has revealed it has returned to profitability with a net income attributable to AIG of $1.8bn, and net income attributable to common shareholders of $311m, or $2.30 per share.
It is the first time since Q3 2007 that the firm has made a net profit and is enormously better than the Q1 2009 result when AIG incurred a net loss of $4.35bn, or $1.98 per diluted share.
The return to the black has been partially attributed to the stabilisation of some businesses, and the second quarter also saw the firm continue to make significant progress in its restructuring programme.
Outgoing Chairman and CEO Edward M. Liddy has stated that the good result was mostly due to a reduction in net realised capital losses.
Liddy went on to say that AIG would continue concentrating on taking steps to stabilise and strengthen the firm but warned that future quarters could be expected to be volatile.
Category: Financials, Insurance News
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