AIG's chief executive said the company is putting behind its troubles of the past 14 months over regulatory and accounting issues and is looking forward to continued growth, celebrating the news with a 10 percent jump in its dividend payment.
"Since I addressed you in August 2005, we have achieved a great deal during a period that, unquestionably, has been the most challenging in AIG's history," said Martin J. Sullivan, president and chief executive officer of New York-based American International Group.
The company has resolved accounting and regulatory issues and developed open and transparent relationships, he said. AIG, he continued, has absorbed the catastrophes from last year, at a cost of $2.1 billion in after-tax losses, but still has managed to post more than $10 billion in net income and revenue of $109 billion. These are substantial increases over last year, he noted during a shareholders meeting held today.
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