NU Online News Service, July 24, 2003, 6:19 p.m. EDT – The chairman of American International Group Inc., New York, says SARS may have helped AIG’s life insurance sales in Asia during the second quarter by heightening awareness of the importance of protection policies.
The company as a whole is reporting $2.3 billion in net income for the latest quarter on $20 billion in revenue, up from $1.8 billion in net income on $17 billion in revenue for the second quarter of 2002.
The life operations generated $1.6 billion in operating income on $5.5 billion in premium revenue, up from $1.2 billion in operating income on $5.2 billion in premium revenue for the comparable quarter in 2002.
Excluding the results for guaranteed investment contracts and U.S. fixed annuities, total worldwide life production was up 6.4%.
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But production was up 28% in China, AIG says.