American International Group Inc. today reported that its net income for the first quarter 2006 fell 16 percent–due in part to some adverse tax consequences.
The New York-based property-casualty and life insurer reported $3.2 billion in net income for the quarter, compared to $3.8 billion in the first quarter 2005.
AIG President and CEO Martin J. Sullivan said first quarter results were negatively affected by a one-time after-tax charge of $115 million. In addition, the company posted a $57 million after-tax loss for credit card operations in Taiwan.
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