American International Group, Inc. reports that its net income for the second quarter of 2007 was $4.28 billion or $1.64 per diluted share, compared to $3.19 billion or $1.21 per diluted share in the second quarter of 2006.
Second quarter 2007 adjusted net income was a record $4.63 billion or $1.77 per diluted share, compared to $4.16 billion or $1.58 per diluted share in the second quarter of 2006.
Net income for the first six months of 2007 was $8.41 billion or $3.21 per diluted share, compared to $6.39 billion or $2.43 per diluted share in the first six months of 2006. Adjusted net income for the first six months of 2007 was $9.02 billion or $3.44 per diluted share, compared to $7.53 billion or $2.87 per diluted share in the first six months of 2006.
Commenting on the second quarter’s results, AIG President and Chief Executive Officer Martin J. Sullivan said management “remains focused on expanding AIG’s global reach” and noted it recently received approval to establish a wholly owned general insurance subsidiary in China, acquired a mortgage finance company in India, and expanded it business cooperation agreement with the Bank of Investment and Development of Vietnam.
Additionally, he said that worldwide recognition of the AIG brand is “increasing quickly through AIG’s corporate advertising and brand-building sponsorships, including our sponsorship of Manchester United Football Club. In fact, AIG recently made its first appearance on BusinessWeek’s annual ‘Top 100 Brands’ survey. AIG ranked 47th on the list of the most valuable global brands, ahead of all insurance competitors, with a brand value estimated at $7.49 billion.”
He said AIG is “very comfortable” with its exposure to the U.S. residential mortgage market, both in its operations and its investment activities.
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