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News - AIG Q12006 income hit by charges.
(From Reinsurance)
American International Group (AIG) has announced that its net income for the first three months of 2006 came to $3.2bn, down on the $3.8bn it posted for the same time period in 2005.
According to president and chief executive Martin Sullivan, the drop was down to two causes. Firstly the company was hit by one-time after-tax charges of $115m relating to expenses from the SICO compensation plan and the Starr tender offer.
Secondly, AIG also had to pay up for losses in credit-card operations in Taiwan of $88m before tax or $57m after tax. In addition, the company had to pay for deferred advertising costs in general insurance of $59m.
Mr Sullivan added: "We had record general insurance results, with strong gains in operating income and ...
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