American International Group (AIG) has posted a rise in its quarterly profit.

AIG recorded third-quarter earnings of £1.1 billion, compared with a profit of £210m, in last year's third quarter, which was reduced by large World Trade Center claims.

The insurer said its profit increase was fuelled by rising property and liability premium rates for companies in the wake of the September 11 attacks.

Excluding realized investments, earnings in the quarter totaled 54 pence per share compared with 35 pence a year ago.

American analysts had expected the company to earn between 55 pence and 58 pence a share.

Topics