American International Group Inc. says first-quarter net incomedropped $1 billion compared to last year, as results a yearago included income from investments that have been sold orliquidated.
|AIG says first quarter net income was $2.2 billion. The $3.2billion in first-quarter net income booked a year ago includedinvestments in AIA Group and Maiden Lane II and III.
|Consolidated after-tax operating income was about $2 billion forthe first quarter compared to about $3 billion a year ago.
|AIG Property Casualty reported operating income of $1.6 billion,up from $1 billion during the first three months a year ago, due toincreases in underwriting income and investment income, whichjumped 11 percent.
|First-quarter underwriting income for P&C operations was$231 million compared to a loss of $135 million a year ago.
|The segment's first-quarter combined ratio improved to 97.3compared to 102.1. Results for the first three months include $41million in catastrophe losses and $52 million in favorableprior-year reserve development.
|Net premiums written of $8.4 billion fell 4.3percent.
|Recent Stories:
|AIG Names Head of Lexington; Continues Exec Shuffle After BerkshireDepartures
|AIG Loses Four Top P&C Execs in Mass Defection to BerkshireHathaway
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