AIG reports $2.4bn losses
by Richard Kilner
Story link: AIG reports $2.4bn losses
American International Group, Inc. (AIG) has reported that in the third quarter of 2010 it incurred a net loss of $2.4bn, equating to $17.62 per diluted common share.
This is almost $3bn worse than the net income of $455m ($0.68 per share) the firm achieved in the corresponding period last year.
However, it was moderately better than the $2.7bn loss ($3.96 per share) suffered by AIG in Q2 2010.
In the first nine months of the year the firm suffered a net loss of $3.27bn, equating to $4.88 per diluted share.
This compares negatively to the $2.08bn loss the firm made in the same period during 2009.
President and Chief Executive Officer Robert H. Benmosche has emphasised the firm’s commitment to rapidly repaying the US taxpayer, and stated that it would seek to leave behind US Treasury ownership as soon as possible.
Benmosche added that the firm’s prime concern was to stabilise and strengthen its core businesses, to better position it for the future.