The financial results of this year's first quarter were likely not what American International Group Inc. had on its new year’s wish list. Despite the good news of being named the No. 17 Fortune 500 company for 2011, AIG, last week announced its Q1 financials, and the numbers were dismal compared to last year at this time.

The insurer reported a net income of $269 million, and an after-tax operating income of $2 billion for the quarter ended March 31, 2011, compared to a net income of $1.8 billion and an after-tax operating income of $637 million for the first quarter of 2010—a drop of about 85%, according to a company release. Heavy losses from the Japanese earthquake and tsunami, as well as exposure to the New Zealand earthquake and Australian floods did nothing to help the insurer’s books during this stretch.

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