American International Group, Inc. (NYSE: AIG) today reported net income attributable to AIG of $3.2 billion and after-tax operating income of $3.1 billion for the quarter ended March 31, 2012, compared to net income attributable to AIG of $1.3 billion and after-tax operating income of $2.1 billion for the first quarter of 2011. Diluted earnings per share and after-tax operating income per share were $1.71 and $1.65, respectively, for the first quarter of 2012, compared with diluted earnings per share and after-tax operating income per share of $0.31 and $1.34, respectively, for the first quarter of 2011.
“AIG has again delivered another strong quarter with our core insurance businesses all posting profits,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “We also continue to make good on our promise to help the U.S. Government profit from its investment in AIG. During the quarter, we retired the preferred interests of AIA Aurora LLC (AIA SPV) one year ahead of schedule and achieved the milestone of reducing total outstanding or authorized U.S. Government assistance by 75 percent.
“In every corner of our operations, we are keenly focused on building on our successes and studying and sharing our experiences and knowledge across the organization. At Chartis, where we had very low natural catastrophe claims, we’re already seeing the benefits of the realigned consumer and commercial geographic structure and our emphasis on growth economies. Chartis’ results also demonstrated progress in strategic initiatives to improve its mix of business, loss ratio and risk selection ultimately increasing the intrinsic value of the franchise. SunAmerica is benefitting from its broad portfolio of competitive products, diverse and strong distribution relationships, and continued discipline in product pricing. United Guaranty made a profit and was successful in the market with its risk evaluation and pricing, while proactively managing its legacy business to reduce delinquency.”