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August 10, 2007 at 12:02 PM
Increased domestic life partnership income and overall growth in in-force domestic life business contributed to earnings growth at American International Growth Inc. during the second quarter.
AIG, New York, is reporting $4.3 billion in net income for the latest quarter on $31 billion in revenue, up from $3.2 billion in net income on $27 billion in revenue for the second quarter of 2006.
Total life operating profits increased 14%, with foreign life profits growing 3.9% and domestic life profits growing 31%.
Although domestic life profits were up, retail sales of periodic-premium life insurance and sales of single-premium immediate annuities fell as a result of efforts to increase the prices of the products, AIG says.
