American International Group (AIG) has reported a net income attributable to AIG of $269m for the quarter of 2011, compared to $1.8bn for the same quarter of 2010.
The diluted loss per share was $0.35 for the first quarter of 2011, compared to $2.66 earnings per share in the same quarter last year.
After-tax operating income was $2.0bn for the second quarter of 2011, compared to $637m for the same period last year.
Included in the 2011 first quarter operating results were $1.7bn of pre-tax catastrophe (CAT) losses related to the Japan earthquake and tsunami, the New Zealand earthquake, and Australian floods.
In addition, the results include a pretax charge of $3.3bn tied to repaying a Federal Reserve credit line.
Chartis reported an operating loss of $463m for the first quarter of 2011, compared to operating income of $879m in the first quarter of 2010, reflecting $1.7bn of CAT losses, compared to $0.5bn of CAT losses in the first quarter of 2010.
SunAmerica Financial Group reported operating income of $1.1bn for both the first quarter of 2011 and the first quarter of 2010.
Financial Services reported operating income of $319m for the first quarter of 2011, compared to an operating loss of $171m in corresponding quarter of 2010.
AIG president and CEO Robert Benmosche said that at Chartis, our worldwide property-casualty business, first quarter results were affected by significant catastrophe losses related to the Japan earthquake and subsequent tsunami, while overall net premiums increased, customer retention remained strong, pricing was stable, performing better than industry averages, and our reserve positions tracked our expectations.