AIG has reported a second quarter 2005 net income of $3.99bn compared to $2.65bn in the second quarter of 2004.
Net income for the first six months of 2005 was $7.68bn compared to $5.21bn in the first six months of 2004.
Martin Sullivan, AIG president and chief executive, said: “In a quarter where the company devoted significant time and attention to its internal review, our operations stayed focused on their customers and business, achieving good results."
On a sector by sector basis, AIG reported a 20.5% increase in operating income in its general insurance division before realised capital gains (losses) compared to the second quarter of 2004, with a combined ratio of 92.04%.
The domestic brokerage group had a combined ratio of 96.05%, and the foreign general combined ratio was 82.04%. Domestic personal lines reported premium growth of 7.5% and a combined ratio of 95.92%
General Insurance cash flow was $2.71bn and $6.21bn in the second quarter and first six months of 2005, respectively. Pre-tax third quarter 2005 losses arising from hurricanes Emily and Dennis are estimated to be $40m.
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.
