AIG reports net income of $2.3 billion in 2012 Q2

American International Group, Inc. (NYSE: AIG) reports net income of $2.3 billion attributable to AIG and after-tax operating income of $1.9 billion in 2012 Q2.

Compare that to $1.8 billion and $1.2 billion, respectively, for the second quarter of 2011, notes a statement from the company.

Results for the quarter ended June 30, 2012 were aided by solid profits from the insurance operations and aircraft leasing business, says Robert Benmosche, AIG’s president and CEO.

The Chartis segment benefited from growth in higher value lines of business and geographies and improving pricing trends, reporting operating income of $936 million in 2012 Q2 compared to $783 million in the second quarter of 2011.

Commercial insurance reported second quarter 2012 operating income of $594 million compared to $629 million in 2011 Q2. “Improvement in the loss ratio from lower catastrophe losses, the shift to higher value business, price improvements and risk selection was partially offset by higher expenses,” the company reports in a press release.

Comparing the second quarters of 2012 and 2011, consumer insurance reported operating income of $192 million compared to $59 million.

With regard to the aircraft leasing segment, its 2012 Q2 operating income was $88 million compared to $86 million in the second quarter of 2011.

AIG further reports that second quarter 2012 net premiums written of $9.1 billion decreased 0.8% compared to 2011 Q2, excluding the effect of foreign currency exchange rates.

“The performance of our businesses and our stock price enabled the U.S. government to continue to profitably reduce its outstanding assistance to AIG, which includes the U.S. Department of the Treasury’s $5.7 billion AIG equity offering in May 2012,” Benmosche says.

“This fall, our property casualty insurance operations will return to the AIG name with Chartis renamed AIG,” he says.