American International Group management, after reporting a first-quarter 44 percent jump in net income, said today that rating firm downgrades had only a minor impact on the insurer.
With results restated for prior first quarters, the New York-based insurer said it had first-quarter net income of $3.68 billion, or $1.40 per share, compared to $2.56 billion, or 97 cents per share, in the first quarter of 2004.
During a conference call, AIG President and Chief Executive Officer Martin Sullivan said the first-quarter 2005 results demonstrate "the value of AIG's global diversity–both products and geography," reporting that all segments contributed to the overall increase in earnings.
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