AIG reports above expectation first quarter

NEW YORK - American International Group Inc said yesterday its first quarter operating profit rose 15%, just ahead of analysts' estimates. The New York based company said first quarter operating profit, excluding one-time items, rose to $1.36bn, or 87 cents per share, from $1.18bn, or 75 cents per share. Most property-casualty insurers saw their share prices hit long-time lows in May as a result of earnings depressed by low premium rates and rising claims costs. "Overall, it was a good quarter for AIG. Each of our principal business growth produced solid results," said AIG chairman Maurice Greenberg.