AIG profits rise 128.6 percent in 2011


AIG has reported a net income of $17.8 billion for 2011, compared to their $7.8 billion result in 2010.

The insurer also announced a fourth quarter profit of $19.8 billion for 2011, boosted by a US consolidated income tax group deferred tax asset valuation allowance release of $17.7 billion.

“Fourth quarter and full year profitability reflects the tremendous commitment and focus on business fundamentals by everyone at AIG,” says Robert Benmosche, president and chief executive officer of AIG.

“The quality of our earnings, against the backdrop of record natural catastrophes, enables this great company to again stand proud as a market leader.

I am also extremely proud that when natural catastrophes strike, we stand with our customers and provide them with the peace of mind that we’re there for them.

“Two years ago, skeptics – and even some supporters – thought it inconceivable that we would be in a position to post our second consecutive annual profit.”

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