Pre-tax income up 15% at AIG

NEW YORK � US based, AIG, has reported a 15% increase in pre-tax incomedduring the first quarter despite a negative impact from exchange rates tointernational business. The global insurer reported net income for the first quarter 2001 of $1.5bn from all businesses. Worldwide property/casualty insurance produced a first quarter profit of $972.3m, representing an increase of 11% on last year, and a combined ratio of 95.89%. "In worldwideeneral insurance, net premiums written gained 15.1% to $4.86bn, reflectingthe broad increases in commercial pricing both in the United States and inkey overseas markets," commented Maurice Greenberg, chairman, AIG.