US giant American International Group (AIG) has reported a net income of $US3.68 billion for the first quarter of this year – up 44% from the figure it restated for the corresponding period last year.

Net written premiums for the first quarter of this year were up 7.6% over its restated figure at $US10.79 billion, and net investment income was up 29.6% at $US1.03 billion.

AIG President and CEO Martin Sullivan says it was a good quarter for the company, with all four of its business segments contributing to the growth in net income.

“These results are a testament to the strength and diversity of our global franchise,” he said.

Meanwhile, former AIG Chairman and CEO Maurice Greenberg has decided to unwind the transfer of AIG shares worth $US2.28 billion to his wife Corrine.

While his lawyers said the original transfer was “completely misunderstood and caused needless distraction and wasteful litigation”, Mr Greenberg has faced a host of lawsuits over the transfer, with several court applications pending claiming the transfer was fraudulent.