AIG Releases First Quarter Results

Excluding net realized capital gains, income increased 15.5 percent to $1.36 billion, compared to $1.18 billion in the first quarter of 1999. Income before taxes, minority interest and realized capital gains for the first quarter increased to $2.01 billion, up 14.9 percent from $1.75 billion the same quarter 1999.

Revenues also rose 10.8 percent to $10.89 billion from $9.82 billion in the year-earlier quarter. AIG’s shareholders’ equity rose more than $500 million to nearly $33.8 billion, after open market purchases during the quarter of 10.4 million shares of AIG common stock. At that date, AIG’s consolidated assets approximated $278 billion.