AIG reports profits of Cdn$16.54 billion for 2006

The American International Group, Inc. (AIG) reported a net income of US$14.05 billion [approximately Cdn$16.54 billion] for 2006 and a net income of US$3.44 billion [approximately Cdn$4.05 billion] for 2006 Q4.
Comparatively, AIG reported 2005 profits of US$10.48 billion [approximately Cdn$12.33 billion], and US$376 million [approximately Cdn$44.37 million] for 2005 Q4.
2006 was a remarkable year beginning with the resolution of our significant regulatory challenges and ending with excellent financial results, Martin J. Sullivan, AIG president and CEO, said in a statement.
We also made significant progress throughout the year in improving our financial control environment, providing greater transparency in our financial disclosures and remaining on the forefront of good corporate.
Sullivan noted the strong growth that general insurance in Q4 in operating income, reflecting excellent underwriting results and significant returns on partnership investments, according to an AIG release.
General insurance reported Q4 operating income of US$2.51 billion [approximately Cdn$2.95 billion].
Personal lines net premium written increased slightly compared to 2005 Q4, as strong growth in the private client group and an increase in new business policies in the direct auto business was partially offset by a decline in the Agency Auto business.