American International Group Inc. says first-quarter net income dropped $1 billion compared to last year, as results a year ago included income from investments that have been sold or liquidated.
AIG says first quarter net income was $2.2 billion. The $3.2 billion in first-quarter net income booked a year ago included investments in AIA Group and Maiden Lane II and III.
Consolidated after-tax operating income was about $2 billion for the first quarter compared to about $3 billion a year ago.
AIG Property Casualty reported operating income of $1.6 billion, up from $1 billion during the first three months a year ago, due to increases in underwriting income and investment income, which jumped 11 percent.
First-quarter underwriting income for P&C operations was $231 million compared to a loss of $135 million a year ago.
The segment's first-quarter combined ratio improved to 97.3 compared to 102.1. Results for the first three months include $41 million in catastrophe losses and $52 million in favorable prior-year reserve development.
Net premiums written of $8.4 billion fell 4.3 percent.
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