AIG'S First Quarter 2001 Income Rose 15.2 Percent to $1.57 Billion.Business Editors NEW YORK--(BUSINESS WIRE)--April 26, 2001 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 income excluding the cumulative effect of an accounting change and net realized capital gains (losses) for the first quarter of 2001 increased 15.2 percent to $1.57 billion, compared to $1.36 billion in the first quarter of 2000. Net income increased 13.8 percent to $1.53 billion, compared to $1.35 billion in the first quarter of 2000. Commenting on the first quarter's results, AIG Chairman M.R. Greenberg said, "AIG had a solid first quarter, benefiting from a continuing strengthening of pricing in the commercial property- casualty market, as well as strong performance by our overseas life insurance business and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. businesses. "In worldwide general insurance, net premiums written gained 15.1 percent to $4.86 billion, reflecting the broad increases in commercial pricing both in the United States and in key overseas markets. "The Foreign General Insurance Group had a good quarter achieving a combined ratio of 93.14. Net premiums written in original currency rose 8.2 percent. "Our worldwide Life Division had an excellent first quarter. ALICO ALICO American Life Insurance Company and 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., our two largest overseas life companies, both had solid performance, while our domestic life companies posted strong gains in both premiums and 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. . In Japan, as reported earlier, AIG was chosen by the Legal Trustee to rehabilitate The Chiyoda Mutual Life Insurance Company. The Chiyoda reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. was approved by the court last week, and Chiyoda is now an AIG stock subsidiary operating as AIG Star Life Insurance Co., Ltd. As a result, we will be able to significantly expand AIG's presence in the traditional Japanese life market. In India, both our general and life insurance joint venture companies have now received their licenses and are off to excellent starts. "The Financial Services Group performed well in the quarter. AIG's Consumer Finance Group continued to build its franchise in its markets in Southeast Asia, Central Europe and Latin America." 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 (losses) for the first quarter of 2001 was $972.3 million, an increase of 11.2 percent. AIG's worldwide life insurance operations reported first quarter 2001 pretax income before realized capital losses of $956.4 million, an increase of 17.8 percent. Financial services pretax operating income rose 17.0 percent to $328.6 million in the first quarter of 2001. Asset management pretax operating income in the first quarter of 2001 amounted to $111.2 million, an increase of 7.2 percent. For a complete version of the AIG First Quarter Earnings Release go to http://www.aigcorporate.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion