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AIG Q2 2013 net income up by 17% to $2.7bn

American International Group (AIG) has reported net income attributable to the company of $2.7bn, or $1.84 per share, for the quarter of 2013, up by 17% compared to $2.3bn, or $1.33 per share during the corresponding period earlier year.

Its after-tax operating income attributable to the firm stood at $1.7bn, or $1.12 per share for the second quarters of both 2013 and 2012.

AIG president and CEO Robert Benmosche said, "These results underscore our businesses’ strong fundamentals and reflect our continued commitment to meeting and exceeding the expectations of our customers across all facets of our organization."

Property Casualty division operating income stood at $1.1bn, up 16% against $936m, while its life and retirement reported operating income of $1.2bn, up by 23% compared to $933bn during the comparable period las fiscal.

United Guaranty Corporation, AIG’s residential mortgage guaranty operations, reported operating income of $73m, up by 70% compared to $43m during the second quarter of 2012.

For the quarter period ended on 30 June 2013, its other operations, which excludes mortgage guaranty, posted operating income of $126m, versus $639m during the year ago quarter.

Meanwhile, media sources reported that AIG, which started talks with a group of Chinese companies for the sale of its International Lease Finance Corporation (ILFC) to New China Trust led consortium has extended the deadline of the completion of deal. It is believed that the deal might be completed by mid-August.

With operations in over 130 nations, AIG offers property-casualty as well as life insurance and retirement services to commercial, institutional, and individual customers.