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AIG Posts Q1 Net Income Of $1.4bn

IBR Staff Writer Published 10 May 2010

AIG has reported total revenues of $1.4bn for the first quarter of 2010, or $2.16 per share compared to a net loss of $4.4bn, or $39.67 per share for the same quarter in 2009.

AIG posted a pre-tax operating income of $1.01bn for the first quarter of 2010 compared to $102m for the same period last year.

The company's net premiums written for the quarter were $7.6bn which is a decrease of 1.1% compared to $7.7bn for the same quarter in 2009.

Net premiums earned for the quarter were $7.6bn, a decrease of 7.6% compared to $8.2bn for the same period last year.

For the quarter ended March 31, 2010, the company's adjusted net income was $809m, compared to an adjusted net loss of $2.1bn for the same quarter in 2009.

Robert Benmosche, president and CEO of AIG, said: “During the quarter, AIG announced more than $51bn in sale transactions, led by the announced sales of AIA and ALICO. Operating earnings at our continuing insurance operations showed further signs of stability, with $2.2bn of pre-tax operating earnings generated by Chartis, SunAmerica Financial Group, and AIG Star and AIG Edison, despite catastrophe losses in our General Insurance business.”