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AIG Earnings Up 26 Percent

American International Group Inc. (AIG) reported net income of $2.86 billion for the second quarter, compared with a net of $2.28 billion posted for the...
August 4, 2004

American International Group Inc. (AIG) reported net income of $2.86 billion for the second quarter, compared with a net of $2.28 billion posted for the same period last year.  AIG Chairman and Chief Executive Maurice Greenberg told analysts that the company had dropped business representing $325 million in premiums because of unacceptable pricing or terms.  Greenberg explained that other insurers were accepting excessive risks in order to reduce rates in a variety of insurance lines. Greenberg characterized the competition as generally reasonable despite the under-pricing of several insurers.

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