American International Group Inc (NYSE:AIG) net income zooms 18% during Q2


Dallas, Texas 08/05/2013 (Financialstrend) – – U.S. insurer American International Group Inc (NYSE:AIG) has registered an increase of 17.9 per cent in its net income, which remained at $2.75 billion during the 2nd quarterly period ended June 30, 2013.

The well known company registered net income of around $2.33 billion during the same period of last year (2012).

Section wise, AIG Property Casualty registered an operating return of around $1.1 billion during the second quarterly period of this year, whilst AIG Life and Retirement recorded operating revenue of around $1.2 billion as compared to operating income of $933 million registered during the same period of last year (2012).

American International Group Inc’s (NYSE:AIG) residential mortgage guaranty process section, United Guaranty Corporation, reported an operating revenue of around $73 million for the quarter under review as against an operating revenue $43 million posted in the same period of 2012.

On the other hand, the company’s other operations section registered operating revenue of $126 million during second quarter of this year as against $639 million recorded in the corresponding period of 2012.

In addition, the firm also announced its initial quarterly dividend of around $0.10 per scrip since the bailout it bagged in the year 2008.

It also sanctioned the repurchase of scrips around $1 billion at $2.50 a share.

The company stated that it cut down arrears during the second quarterly period of this year by around $931 million by successfully handling liability.

Robert Benmosche, company’s president and chief executive officer stated: “Our proceeds during the second quarterly period exemplify the victory of our constant concentration on our core insurance performances and constant promise to capital supervision. Our realty casualty, life, and mortgage cover biz sections all registered sturdy operating outcomes.”

In the meantime, the firm stated that its aircraft leasing division ILFC is yet to locate a purchaser.

AIG, Chinese Group Still Making Discussions On $4.8 Billion ILFC Transaction

American International Group Inc is still making discussions regarding selling its aircraft leasing division to a China-based group after overleaping a July 31 time limit to shut the $4.8 billion transaction, sources added.