American International Group (AIG) has reported net income attributable to the company of $2.2bn and after-tax operating income of $2bn for the first quarter of 2013, compared to $3.2bn and $3bn, respectively during the same period last year.
The prior-year first quarter net income included $3.3bn of pre-tax from investment in AIA Group (AIA), Maiden Lane II (ML II), and Maiden Lane III LLC (ML III) that were sold or liquidated in 2012.
Diluted earnings per share and after-tax operating income per share attributable to the underwriter were $1.49 and $1.34, compared to$1.71 and $1.62, respectively, during the first quarter of 2012.
AIG Property Casualty posted operating income of $1.6bn compared to $1bn during the same period earlier year, which reflects increases in both underwriting income and net investment income.
Life and Retirement operating income stood at $1.4bn, compared to $1.3bn, while United Guaranty Corporation (UGC), AIG's residential mortgage guaranty operations, reported operating income of $41m against $8m in the first quarter of 2012.
Other Operations including Mortgage Guaranty posted operating losses of $152m, versus operating income of $2.3bn during the corresponding period last fiscal.
Operating in more than 130 countries, AIG companies serve commercial, institutional, and individual customers through extensive worldwide property-casualty networks of insurer.