Executives at American International Group went to great lengths to assure the markets that its exposure to the subprime mortgage market is minimal and the company closely scrutinizes its investment portfolio for quality.
The New York-based insurance carrier released its second-quarter results after the markets closed yesterday, reporting an increase in net income for the quarter of 34 percent, or more than $1 billion, compared with the same period last year.
Net income stood at $4.3 billion, or $1.64 per share (up 43 cents per share), beating analyst estimates of $1.61 per share listed on Yahoo! Finance.
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