American International Group. (AIG) today reported that its net income for the third quarter of 2007 was $3.09 billion or $1.19 per diluted share, compared to $4.22 billion or $1.61 per diluted share in the third quarter of 2006. Wall St. expected EPS of $1.62 and revenue of $22.9 billion.
Commenting on the third quarter’s results, AIG President and Chief Executive Officer Martin J. Sullivan said, “In a volatile market environment that challenged many financial institutions, AIG reported adjusted net income of $3.49 billion in the third quarter of 2007 and increased book value per share to $40.81, once again confirming the benefits of our diversified portfolio of global businesses. While U.S. residential mortgage and credit market conditions adversely affected our results, our active and strong risk management processes helped contain the exposure. Our balance sheet remains strong with the financial resources to weather continued uncertainty as well as to take advantage of attractive market opportunities as they emerge."
After falling 6.7% in the regular session to $57.90, shares were off 2% after hours.
Douglas A. McIntyre
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