American International Group (AIG) has reported 27% rise in net income attributable to AIG, which was $2.3bn for the second quarter of 2012, compared to $1.8bn during the same period last fiscal.
For the latest quarter period, the underwriter registered after-tax operating income of $1.9bn, up by 58% against $1.2bn for the second quarter of 2011.
Diluted earnings per share was $1.33 for the second quarter of 2012, compared with $1 for the same quarter of 2011.
AIG president and chief executive officer Robert Benmosche said the performance of the underwriting businesses and stock price enabled the US government to continue to profitably reduce its outstanding assistance to AIG, which includes the US Department of the Treasury’s $5.7bn AIG equity offering in May 2012.
"This fall, our property casualty insurance operations will return to the AIG name with Chartis renamed AIG. In addition, the SunAmerica Financial Group segment will be renamed AIG Life and Retirement," Benmosche added.
AIG’s wholly owned subsidiary Chartis reported operating income of $936m, up by 23% in the second quarter of 2012, compared to $783m during the corresponding period earlier year.
Another subsidiary, SunAmerica Financial Group reported operating income of $933m, with an increase of 29% from $723m in the second quarter of 2011.