RSS FeedAIG Posts $1.45 Billion Profit as Writedowns Narrow BusinessWeek
(Updates shares in first paragraph, swaps in the ninth.)
By Hugh Son
May 7 (Bloomberg) -- American International Group Inc., the insurer rescued by the U.S., posted profit for the third time in the past four quarters as writedowns narrowed and investment income climbed. The stock had the second-biggest gain in the Standard & Poor’s 500 Index.
First-quarter net income of $1.45 billion, or $2.16 a share, compares with a loss of $4.35 billion, or $39.67 a year earlier, AIG said today in a statement. Profit excluding some investments was $1.21 a share, beating the average 48-cent estimate of two analysts surveyed by Bloomberg. AIG opted for the first time in four quarters against extending the period in which it is committed to supporting plane-leasing and consumer- lending units, citing their renewed access to private funding.
Chief Executive Officer Robert Benmosche has said AIG is “now on a path” to repaying loans in the insurer’s $182.3 billion rescue after announcing deals in March to sell two life divisions for about $51 billion. Results have stabilized at AIG’s remaining insurance units and the New York-based company may recover by year-end from junk status assigned to its stand- alone credit, Standard & Poor’s said last month.
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