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AIG Reports Q2 Profits

The second quarter’s results reflect a decline in underwriting profit as the combined ratio increased 6 points to 98.2

American International Group (AIG) has reported a net income of $1.8 billion for the second quarter ended June 30, 2009, including net income attributable to AIG common shareholders of $311 million or $2.30 per diluted common share. This is in comparision to a net loss of $5.4 billion or $41.13 per diluted share in the second quarter of 2008.

Second quarter 2009 adjusted net income was $2 billion, as compared to an adjusted net loss of $1.3 billion in the second quarter of 2008.

The General Insurance results in the second quarter of 2009 included operating income before net realised capital gains of $1 billion, compared to $1.7 billion in the second quarter of 2008. The second quarter’s results reflect a decline in underwriting profit as the combined ratio increased 6 points to 98.2.

The Commercial Insurance combined ratio was 99.8 in the second quarter of 2009, an increase of 5.9 from the comparable period prior year. The Foreign General Insurance combined ratio was 95.5 in the second quarter of 2009.

Life Insurance & Retirement Services’ Q2 operating income before net realised capital gains was $1.5 billion. Premiums and other considerations were $8.1 billion in the second quarter of 2009, down 15.3% from the second quarter of 2008.