American International Group (AIG), the world's largest insurance company, reported net income for the second quarter of 2001 increased by 15.6% to $1.63bn (£1.14bn), compared to $1.41bn (£98m) in the second quarter of 2000.
Its strength in general insurance helped to offset losses from catastrophes, which were $30m (£21m) in the quarter, compared to $19m (£13.3m) the previous year, and were largely attributed to the tropical storm Allison.
Pre-tax profits from general insurance rose 6.6% to $946m (£662m).
However, AIG chairman Maurice Greenberg said there was still room for improvement.
He said: “While the global economy remains soft, the flight to quality underway in many markets benefits AIG with our strong ratings and financial condition.
“We have undertaken a number of new marketing initiatives and alliances and launched an array of new products that will benefit future growth in our businesses.”
About 14% of AIG's business comes from property and casualty insurance, 40% from life insurance and 20% from financial services.AIG is currently in the process of acquiring life assurer American General.
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.
