AIG reports $7.65 billion in net income for nine-month period
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American International Group Inc. reported $7.65 billion in net income for the nine months ended Sept. 30, compared with a $272 million loss for the comparable period a year ago, the insurer said Thursday.
For the quarter, the company reported $1.86 billion in net income, compared with a $3.83 billion loss for the same quarter in 2011.
In its property/casualty operations, AIG reported $2.82 billion in pre-tax income for the nine-month period, a 181.2% improvement from the comparable period a year ago. It reported a 103.2% combined ratio for the nine months, compared to a 109.3% combined ratio for the same period a year ago.
For the quarter, it reported $949 million in pre-tax income for its property/casualty operations, a 72.2% improvement from the same period a year ago. It posted a 105% combined ratio compared with 105.9% for 2011's third quarter.
“AIG again posted a solid quarter, reflecting the continued strength of our core insurance operations and strong investment returns. We are seeing continued momentum, and we're building for the future by creating a more streamlined, efficient and nimble company,” AIG President and CEO Robert H. Benmosche said in a statement.
Mr. Benmosche said it is too soon to estimate Hurricane Sandy's financial impact.
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