NEW YORK (AP) — American International Group said Thursday that its first-quarter net income fell 31 percent from a year earlier, when the insurer benefited from $3.3 billion in investment income.
The company, which came close to collapsing during the financial crisis before being bailed out by the federal government, said net income totaled $2.2 billion, or $1.49 per share, for the three months ended March 31. That compares with $3.2 billion, or $1.71 per share, in the prior-year quarter.
The 2012 results included $3.3 billion in pre-tax income from investments in funds that were sold or liquidated last year.
Analysts polled by FactSet forecast earnings of 88 cents per share.
The company's after-tax operating income, which excludes the impact of certain investments and hedging activities, grew 28 percent to $3.02 billion.
Net premiums written at AIG's property casualty business declined 4.3 percent to $8.44 billion. Premiums at the company's life and retirement segment rose nearly 1 percent to $620 million. Policy fees rose 5.3 percent to $615 million.
The company's other operations, including its mortgage insurance unit, reported operating losses of $152 million for the quarter.
AIG got the biggest bailout of the financial crisis: $182.5 billion. The company repaid the bailout funds over the years and also has undergone a massive restructuring that cut its size in half as it turned it focus to its core business of writing insurance.
The Treasury Department sold off the last of its stock in AIG in December and sold its remaining warrants in the company in March, severing its final financial link to the company.
AIG shares ended regular trading up 94 cents, or 2.3 percent, at $42.13. The stock added $1.42, or 3.4 percent, to $43.55 after-hours.
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