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AIG Reports Higher 4th Quarter Net Income

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NU Online News Service, Feb. 7, 3:18 p.m. – American International Group Inc., New York, is reporting $1.9 billion in net income for the fourth quarter of 2001 on $17 billion in revenue, up from $1.8 billion in net income on $15 billion in revenue for the fourth quarter of 2000.

Net results for the latest quarter include a $69 million charge for closing the home service life insurance business at its newly acquired American General Corp. unit, and $181 million in losses on investments, but no losses related to the Sept. 11 attacks, AIG says.

Core income, which excludes the losses, increased to $2 billion, from $1.8 billion, the company says.

Core operating income at the life insurance operations, which excludes investment losses, increased to $1.4 billion on $10 billion in premiums, deposits and other consideration, from $1.2 billion on $9.3 billion in revenue.

U.S. life and annuity revenue increased 10%, to $4.9 billion, in part because of the American General acquisition.