AIG fourth quarter results exceeded the company's expectations despite an over zealous regulatory environment, AIG chairman Hank Greenberg said.
The insurer said net income in the fourth quarter jumped 11.5% to $3.02bn from $2.7bn a year earlier. Share prices had risen from $1.03 in the 2003 fourth quarter to $1.15 in 2004.
For the year AIG reported net income of $3.29bn, or $1.26 per share, compared with $9.27bn, or $3.52 per share in 2003.
Greenberg said the company had managed to maintain strong growth despite record catastrophe losses and a stringent regulatory environment.
AIG had been named in the lawsuit brought against Marsh & McLennan by New York attorney general Eliot Spitzer. It was also at the centre of a US Securities and Exchange Commission investigation regarding its dealing with PNC Financial Services.
Greenberg slammed regulators for forcing a new regulatory era on US insurers.
“I think there is a recognition that, while there are reforms necessary, many have gone too far,” he said.
Such a heavy-handed approach could be a drag on the US economy if it continued, he said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
