AIG’s first-quarter profit surges by twofold to US$3.2 billion as firm’s rebound continues


AP

LOS ANGELES — Insurer American International Group, which came close to collapsing during the financial crisis before being bailed out by the federal government, said Thursday that its profit grew more than twofold in the first quarter.

AIG reported that its net income, after paying preferred dividends, climbed to US$3.2 billion, or US$1.71 a share, in the three months ended March 31. That compares to net income of US$1.3 billion, or 31 cents a share, in the same period last year. The company’s after-tax operating income, which excludes the impact of certain investments and hedging activities, was US$3.1 billion, or US$1.65 a share. In the prior-year period, it was US$2.1 billion, or US$1.34 a share.