American International Group reported yesterday that its second-quarter net income dropped 29 percent as record property-casualty underwriting profits failed to make up for mixed life insurance results.
The New York-based financial services giant reported net income of $3.19 billion compared with $4.49 billion in the same quarter of 2005.
AIG Chief Executive Officer Martin Sullivan noted that general insurance posted record underwriting profits with a combined ratio of 86.47.
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