AIG'S First Quarter 2000 Income Excluding Realized Capital Gains (Losses) Rose 15.5 Percent to $1.36 Billion.Business Editors NEW YORK--(BUSINESS WIRE)--April 27, 2000 American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) today reported that its net income for the first quarter of 2000 increased 12.3 percent to $1.35 billion, compared to $1.20 billion in 1999. Excluding net realized capital gains (losses), income increased 15.5 percent to $1.36 billion, compared to $1.18 billion in 1999. AIG Chairman M.R. Greenberg said, "Overall, it was a good quarter for AIG. Each of our principal business groups produced solid results. "Domestically, rates in the commercial property-casualty insurance market continue to firm. A growing number of classes are responding to the need for price increases. The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Division (NAD NAD: see coenzyme. ), a unit that serves U.S. corporations doing business overseas, was restructured to simplify access to our global network. "Our Foreign General insurance operations performed reasonably well in the quarter. Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , Japan, Europe and Latin America reported solid revenue growth. "AIG's worldwide Life business had an excellent quarter. Southeast Asia, Taiwan, Japan and Central Europe all performed well. Our new operations in China, particularly the new office in Shenzhen, are off to an excellent start. During the quarter, AIG's American International Assurance American International Assurance known as AIA (美國友邦保險) is a famous insurance company based in Hong Kong. It has offices in Asia-Pacific region including China, Australia, New Zealand, Japan, India, Malaysia, South Korea, Thailand and Company, Ltd. received a license to operate a wholly owned life insurance company in Vietnam. AIG's Domestic Life Companies, including SunAmerica, also had a good quarter. "Financial Services overall had a good quarter. AIG Financial Products Corp. reported outstanding results. "Asset Management had an outstanding quarter. Both SunAmerica's asset management business and AIG Global Investment Group produced strong growth and excellent results. "AIG recently announced it had reached an agreement with General Atlantic Partners, one of the leading and most successful investors in technology businesses, to commit $1 billion over five years to venture capital investments with General Atlantic in information technology companies around the world." General insurance pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. before realized capital gains for the first quarter of 2000 was $874.7 million, an increase of 7.6 percent. AIG's worldwide life insurance operations reported first quarter 2000 pretax income before realized capital losses of $812.1 million, an increase of 20.9 percent. Financial services pretax operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose 12.1 percent to $280.8 million in the first quarter of 2000. Asset management pretax operating income in the first quarter of 2000 amounted to $103.8 million, an increase of 79.0 percent. |
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