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American International Group [AIG
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], the world's largest insurance company, said quarterly net income grew due to higher insurance premium revenue.
Second-quarter net earnings rose to $4.28 billion, or $1.64 a share, from $3.19 billion, or $1.21 a share, in the year-earlier quarter.
On an adjusted basis, the New York-based company reported earnings of $1.77 a share, above the Thomson Financial consensus forecast of $1.61 a share.
"Overall, AIG performed very well in the second quarter," said CEO Martin J. Sullivan, in a prepared statement. "AIG's financial performance continues to reflect the competitive advantages of our diverse, global operations."
Shares of AIG rose more than 2% in after-hours trading, boosted in part by comments regarding the company's housing-related exposure.
"We continue to be very comfortable with our exposure to the U.S. residential mortgage market, both in our operations and our investment activities," the company said in the release.
AIG said it bought back more than 22 million shares during the second quarter with an additional 24.5 million purchased through Aug. 6, 2007, for a year-to-date buyback amount of about 49.0 million.
The company said it continues to expand global operations, noting that it recently received approval to launch a general insurance subsidiary in China.
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