American International Group has reported that its net income for the third quarter of 2007 was $3.09 billion or $1.19 per diluted share, 27% down from $4.22 billion posted in the third quarter of 2006.
The company’s third quarter 2007 adjusted net income was $3.49 billion or $1.35 per diluted share, compared to $4.02 billion or $1.53 per diluted share in the same period of 2006. The company’s net income for the first nine months of 2007 was $11.49 billion or $4.40 per diluted share, compared to $10.61 billion or $4.04 per diluted share in the first nine months of 2006. The adjusted net income for the first nine months of 2007 was $12.51 billion or $4.79 per diluted share, compared to $11.55 billion or $4.40 per diluted share in the first nine months of 2006.
General Insurance third quarter 2007 operating income before net realized capital gains declined 3.4% to $2.51 billion compared to the third quarter of 2006. The company’s personal lines third quarter 2007 operating income was $28 million compared to $133 million in the third quarter of 2006.
Martin Sullivan, president and CEO of AIG, said: In a volatile market environment that challenged many financial institutions, AIG reported adjusted net income of $3.49 billion in the third quarter of 2007 and increased book value per share to $40.81, once again confirming the benefits of our diversified portfolio of global businesses.