AIG posts $3.2B profit in 1Q, up more than twofold

LOS ANGELES

AIG said Thursday that its net income, after paying preferred dividends, climbed to $3.2 billion, or $1.71 a share, in the three months ended March 31.

That compares to net income of $1.3 billion, or 31 cents a share, in the same period last year.

The New York-based company's gains were driven mainly by improved performance at its Chartis and SunAmerica units.

AIG also recorded a $1.3 billion increase in the fair value of its interest in a limited-liability company formed by the Federal Reserve as a lending vehicle following the 2008 financial crisis.

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