American International Group (AIG) has reported a net income of $3.2bn, or $1.71 diluted earnings per share, for the first quarter of 2012, compared to $485m, or $0.31 diluted earnings per share, for the same period in 2011.

AIG’s property insurance division Chartis reported an operating income of $1bn for the first quarter of 2012, compared to an operating loss $424m for the same period a year ago.

The company said that Chartis’ latest results included catastrophe losses of $80m.

AIG’s life insurance unit SunAmerica’s operating income rose to $1.3bn, compared to $1.2bn for the same period in the prior-year period.

The company’s residential mortgage guaranty business United Guaranty posted an operating income of $8m for the first quarter of 2012, compared to $14m in the first quarter of 2011.

In March this year, AIG repaid the US Treasury $1.5bn in preferred equity investment as part of the debt it received in a 2008 government bailout.

AIG president and CEO Robert Benmosche said that during the quarter, the company retired the preferred interests of AIA Aurora one year ahead of schedule and achieved the milestone of reducing total outstanding or authorized US Government assistance by 75%.

"At Chartis, where we had very low natural catastrophe claims, we’re already seeing the benefits of the realigned consumer and commercial geographic structure and our emphasis on growth economies," Benmosche said.