NU Online News Service, April 22, 2004, 1:58 p.m. EDT – Improving fixed annuity profits helped first-quarter profits at American International Group Inc., New York.[@@]
The giant multiline insurer is reporting $2.7 billion in net income for the latest quarter on $23.6 billion in revenue, up from $2 billion in net income on $18.9 billion in revenue for the first quarter of 2003.
Worldwide life and retirement services operating income increased 60%, to $2.1 billion, and life and retirement premium revenue increased 19%, to $6.9 billion.
The domestic life and retirement unit is reporting $1 billion in operating income on $1.5 billion in premium revenue, up from $739.8 million in operating income on $1.4 billion in premium revenue.