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.
In other earnings news:
- National Western Life Insurance Company, Austin, Texas, is reporting $22 million in net income for the second quarter on $149 million in revenue, compared with $22 million in net income on $101 million in revenue for the second quarter of 2006.
- Independence Holding Company, Stamford, Conn., is reporting $3.9 million in net income for the second quarter on $105 million in revenue, up from $2.4 million in net income on $91 million in revenue for the second quarter of 2006.
- Kansas City Life Insurance Company, Kansas City, Mo., is reporting $12 million in net income for the second quarter on $110 million in revenue, compared with $10 million in net income on $113 million in revenue for the second quarter of 2006.
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