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American International Group, Inc. (NYSE:AIG) today reported net income attributable to AIG of $2.2 billion for the quarter ended September 30, 2013, compared to $1.9 billion for the third quarter of 2012. After-tax operating income attributable to AIG was $1.4 billion for the third quarter of 2013, compared to $1.6 billion for the prior-year third quarter. Net income attributable to AIG for the quarter exceeded after-tax operating income attributable to AIG largely due to valuation allowance releases associated with deferred tax assets from capital loss carryforwards, partially offset by a $260 million after-tax increase to litigation reserves related to legacy crisis matters.
Diluted earnings per share attributable to AIG were $1.46 for the third quarter of 2013, compared to $1.13 for the third quarter of 2012. After-tax operating income per share attributable to AIG was $0.96 for the third quarter of 2013, compared to $0.99 in the third quarter of 2012.
“AIG’s solid performance this quarter underscores the strong fundamentals of our businesses, and builds upon the momentum that we generated in the first half of this year,” said Robert H. Benmosche, President and Chief Executive Officer. “Our insurance operations reported improved pre-tax operating profits this quarter from the third quarter of 2012, and we continue to remain optimistic about the future.
“Every day, we reaffirm our commitment to our customers around the world by creating and offering innovative insurance protection and retirement products that meet their needs. As we work together and capitalize upon the diverse areas of expertise within AIG, we’re seeing the results of our continued investments in our business, our infrastructure, and our people.”
Mr. Benmosche concluded, “We remain committed to product innovation, strong partnerships with sales and distribution, vigilance on our expenses, and the ongoing diversification of risk. At the same time, we will continue to improve our technology, systems, and processes. I am pleased with the progress we have made as we continue to execute the vision we have iterated from the start – creating a company and workforce that are streamlined, nimble, and transparent.”