AIG incurs $2.7bn loss
American International Group, Inc. (AIG) has reported that in the second quarter of 2010 it incurred a net loss of $2.7bn, equating to $3.96 per diluted common share.
This is a substantially worse result than the $1.8bn net profit ($2.30 per diluted common share) made in the same quarter last year.
It is also a sharp fall from the $1.5bn net profit ($2.16 per share) achieved in Q1 2010.
The net loss has largely been attributed to a $3.3bn non-cash goodwill impairment charge.
Operating income from continuing insurance operations was recorded at $2.2bn, the same as in Q1.
General Insurance made an operating income of $955m, slightly down from the $1bn in Q2 2009, but up from the $879m of Q 2010.
President and Chief Executive Officer Robert H. Benmosche has said that AIG’s strategic approach remains unchanged and described the firm’s continuing insurance operating results as solid.
Category: Financials, Insurance News
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