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AIG Q1 2014 profit down by 27% to $1.6bn

American International Group (AIG) has reported 27% decline in its profit for the first quarter of 2014, which stood at $1.61bn or $1.09 a share, compared to $2.2bn or $1.49 a share during the comparable period earlier year.

AIG president and CEO Robert Benmosche said: "The earnings power of our business coupled with our customer strategy reinforce the strength of our foundation throughout our core insurance operations.

"I am encouraged by the positive momentum we’ve generated around the world, which has enabled us to become closer to, and better serve, our customers."

AIG Property Casualty’s pre-tax operating income declined to $1.2bn due to higher catastrophe and severe losses, unfavorable loss reserve development, and a decrease in net investment income.

For the first quarter ended on 31 March 2014, its life and retirement reported record quarterly pre-tax operating income of over $1.4bn.

United Guaranty Corporation (UGC) reported pre-tax operating income of $76m for the first quarter of 2014, compared to pre-tax operating income of $41m during the prior-year quarter.

AIG’s Other Operations (excluding Mortgage Guaranty) reported a first quarter 2014 pre-tax operating loss of $81m against a pre-tax operating loss of $161m in the prior-year first quarter.