Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 24th of April 2018
August 5, 2011

AIG reports Q2 net income of $1.8bn

by Richard Kilner

Story link: AIG reports Q2 net income of $1.8bn

American International Group, Inc. (AIG) has reported its financial results for the second quarter, which saw it achieve a net income of $1.8bn.

This is substantially better than the $2.7bn net loss the firm incurred during the corresponding period last year, and the firm’s Q1 net profits of $269m.

The Q2 2010 net loss was largely due to a hefty $3.3bn non-cash goodwill impairment charge.

The immediately preceding quarter, Q1 2011, was also hit with several exceptional events as the quarter saw numerous and severe natural disasters, with $1.7bn of pre-tax catastrophe (CAT) losses.

President and Chief Executive Officer Robert H. Benmosche said that the strong quarterly results reflected the dedication and hard work of the firm’s staff and its unrelenting focus upon perfomance.

Benmosche added that the firm had achieved a significant recapitalisation milestone, with an $8.7bn common stock offering.

 

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