American International Group boosted earnings in the second quarter compared to the year-ago period, the insurer disclosed today.
AIG reported net income attributable to AIG of $3.1 billion for the quarter ended June 30, 2014, compared to $2.7 billion for the second quarter of 2013. After-tax operating income attributable to AIG was $1.8 billion for the second quarter of 2014, compared to $1.7 billion for the prior-year quarter.
Diluted earnings per share attributable to AIG were $2.10 for the second quarter of 2014, compared to $1.84 for the second quarter of 2013. Net income for the second quarter of 2014 included a $1.4 billion after-tax gain on the sale of ILFC, or $0.96 per diluted share.
After-tax operating income per diluted share attributable to AIG was $1.25 for the second quarter of 2014, compared to $1.12 in the prior-year quarter.
“AIG’s results in the second quarter were solid. Overall, our businesses demonstrated our continued discipline and resilience, underscoring our focus on improving the results of our core insurance businesses,” said AIG President and Chief Executive Officer Robert Benmosche in a press statement. “In many ways, this quarter, my last as President and CEO of AIG, was punctuated by two significant milestones: the completion of our sale of ILFC to AerCap, which marks the last disposition of AIG’s non-core businesses; and the appointment of Peter Hancock to succeed me as AIG’s next President and Chief Executive Officer.
“We are pleased with the strong performance across all of our property casualty, life and retirement and mortgage guaranty businesses,” he added. “Our operating results demonstrate our continued progress, and it was another very active quarter for capital management activities.
AIG Life and Retirement reported quarterly pre-tax operating income of $1.2 billion in the second quarter of 2014, reflecting “consistent, strong performance across AIG Life and Retirement’s diversified businesses, with higher pre-tax operating income in both the retail and institutional operating segments compared to the same period in the prior year.
“These results reflected higher fee income from growth in assets under management, partially offset by lower investment income, primarily due to strong returns on alternative investments in the prior-year period,” the press statement adds.
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