AIG posts net profit of $1.8 billion

Second-quarter net earnings were $1.8 billion, compared with a net loss of $5.4 billion a year earlier.

After dividends on preferred stock held by the federal government, profit attributable to common shareholders was $311 million. On an adjusted basis, the company earned $2.57 a share, far above analysts’ average forecast of $1.33, according to Reuters Estimates. The latest results included $5.7 billion in unrealised gains on investments and from the adoption of new accounting rules.

The company’s general insurance operations posted operating income, which excludes net realised capital gains, of $1 billion, down from $1.7 billion a year earlier. Net written premiums fell 19 per cent to $7.9 billion.

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