When insurance firms launched social media initiatives, the results were rewarding.
NEW YORK (AP) — American International Group Inc., the insurance company better known as AIG, reported Monday that its first-quarter net income fell 27 percent due to higher catastrophe losses and lower investment income.
The New York-based company said that it earned $1.61 billion, or $1.09 per share, for the period that ended March 31, down from $2.21 billion, or $1.49 per share, last year.
Its after-tax operating income, which excludes realized capital gains and losses among other items, fell to $1.21 from $1.34 per share. Analysts polled by FactSet were anticipating AIG would earn $1.06 per share on that basis.
AIG President and CEO Robert Benmosche said he was pleased with the company's operating profits for the period, which he says reflect strength across its insurance operations. He also said that the company remains focused on increasing its efficiency, controlling expenses and investing in technology.
The company's stock rose 37 cents to close regular trading at $52.72 and fell $1.12 to $51.60 in after-hours trading following the report.