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Daily Insurance Industry News
Saturday 20th of January 2018
February 26, 2010

AIG reveals Q4 and annual results

by Richard Kilner

Story link: AIG reveals Q4 and annual results

American International Group, Inc. (AIG) has announced its financial results for the fourth quarter and full-year 2009.

In Q4 the firm incurred a net loss of $8.9bn, equating to $65.51 per diluted common share, which is vastly improved on the $61.7bn loss of Q4 2008 ($458.99 per diluted common share).

It does, however, mark a return to the red after the firm enjoyed net profits of $455m in the third quarter.

The quarterly loss was attributed to $6.2bn of interest and amortisation expense, a $2.8bn loss on the pending sale of Nan Shan Life Insurance Company, Limited (Nan Shan) and a number of other items.

For the year as a whole, AIG incurred a net loss of $10.9bn, $90.48 per diluted share, a substantial reduction in the $99.2bn net loss of 2008.

President and Chief Executive Officer Robert H. Benmosche has said that AIG has made huge progress throughout the year in the strategic restructuring plan.

Benmosche also said that he was confident that the combination of businesses would be good for AIG in the long term.

 

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