AIG’s First-Quarter Income Increases

American International Group Inc. (AIG), the largest underwriter of commercial and industrial insurance in the U.S., reported solid first-quarter results. AIG’s income, excluding the cumulative effect of an accounting change and net realized capital gains (losses) for the first quarter of 2001, increased 15.2 percent to $1.57 billion, compared to 1.36 billion in the first quarter of 2000. Net income increased 13.8 percent to $1.53 billion, compared to $1.35 billion in the first quarter of 2000.

Revenues in the first quarter of 2001 rose 11.6 percent to $12.15 billion from $10.89 billion in the year-earlier quarter. On March 31, 2001, AIG’s consolidated assets and shareholders’ equity approximated $315 billion and $41.7 billion, respectively.

AIG Chairman M.R. Greenberg commented: “AIG had a solid first quarter, benefiting from a continuing strengthening of pricing in the commercial property/casualty market, as well as strong performance by our overseas life insurance business and financial services businesses.”