AIG announces Q1 results
American International Group, Inc. (AIG) has released its financial results for the first quarter of the year, including net income attributable to shareholders of $1.5bn, or $2.16 per diluted common share.
This compares to a hefty net loss of $4.4bn incurred in the corresponding quarter last year, equating to $39.67 per diluted common share.
It also compares favourably with the Q4 2009 net loss of $8.9bn, a huge loss attributed primarily to $6.2bn of interest and amortisation expense and a $2.8bn loss on the pending sale of Nan Shan Life Insurance Company, Limited (Nan Shan).
Earnings from continuing insurance operations rose year-on-year from $908m in Q1 2009 to $2.2bn in the most recent quarter, with General Insurance earnings rising from $710m to $879m.
President and Chief Executive Officer Robert H. Benmosche has stated that during the quarter AIG made some $51bn in sales transactions, including the sales of AIA and ALICO.
This significant sum will help the firm reduce its obligations to the Federal Reserve Bank of New York and mark a milestone in its path back to a sustainable capital structure.
Category: Financials, Insurance News
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