Writedowns affected results at American International Group Inc. during the second quarter.
Here is a summary of the latest life and health insurance industry earnings news:
American International Group Inc., New York
2 Q 2008 Results
NET INCOME: $5.4 billion loss
REVENUE: $20 billion
NET REALIZED CAPITAL CHANGE: $6.1 billion loss
UNREALIZED SWAP PORTFOLIO MARKET VALUATION LOSSES: $5.6 billion loss
LIFE OPERATING INCOME: $2.4 billion loss
LIFE REVENUE, EXCLUDING CAPITAL CHANGE: $15 billion
LIFE NET REALIZED CAPITAL CHANGE: $5 billion loss
LIFE OPERATING INCOME EXCLUDING CAPITAL CHANGE: $2.6 billion
2 Q 2007 Results
NET INCOME: $4.3 billion
REVENUE: $31 billion
NET REALIZED CAPITAL CHANGE: $28 million loss
UNREALIZED SWAP PORTFOLIO MARKET VALUATION LOSSES: Not Applicable
LIFE OPERATING INCOME: $2.6 billion
LIFE REVENUE, EXCLUDING CAPITAL CHANGE: $14 billion
LIFE NET REALIZED CAPITAL CHANGE: $279 million loss
LIFE OPERATING INCOME EXCLUDING CAPITAL CHANGE: $2.9 billion
- Changes in the market valuation of the company’s AIGFP super senior credit default swap portfolio continued to affect the revenue total.
- Domestic life premiums, deposits and other considerations increased 20%, to $2.4 billion.
- Ordinary domestic life net investment income held steady at about $1 billion.
- Term life sales increased 7%, to $61 million.
- Variable universal life sales increased 25%, to $15 million.
- Domestic sales of individual fixed annuities increased 19%, to $1.9 billion, as domestic sales of individual variable annuities fell 6.8%, to $1.2 billion.