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AIG Reports Higher 1st Quarter Net Income

by Staff Writer

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NU Online News Service, April 25, 11:28 a.m. – American International Group Inc., New York, is reporting $2 billion in net income for the first quarter, up from $1.9 billion in net income for the first quarter of 2001.

The latest net results include $81 million in investment losses recognized during the quarter.

AIG’s company-wide revenue figures and its first-quarter statistical supplement for investment analysts were not immediately available.

Total net insurance premiums written increased to $19 billion, from $16 billion.

The life insurance operations are reporting $1.3 billion in operating income for the latest quarter on $13 billion in revenue, up from $1.1 billion in operating income on $11 billion in revenue. The life operating results include $29 million in investment losses.

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Retirement savings operating income increased 11%, to $300 million, AIG says.

One of the retirement savings units, VALIC, brought in $192 million in operating income on $534 million in revenue, up from $163 million in operating income on $527 million in revenue.

The other retirement savings unit, SunAmerica, brought in $39 million in operating income on $154 million in revenue, down from $62 million in operating income on $173 million in revenue.

Net variable annuity sales fell 20% at SunAmerica unit and 1.6% at VALIC.